Commentary & Deal Flow

Titan Global Finance PLC (TITKGA) EUR250m Reg S sr notes due 07/09/27 (7y). NCL (6mo par call). NR/BB (--/stable). Via HSBC (B&D)/SocGen joint glocos/jt physical books/Citi joint gloco/jt books/ABN AMRO/BNP/Raiffeisen jt books, Alphabank, Eurobank, NBG, Piraeus Bank as co-managers. List Dublin. English law. Settles 07/09 (T+5). ISIN: XS2199268470. IPT 2.875%-3.125%. Px talk: 2.875% area (+/- 0.125%).

Priced: 2.75% at 100. +332bp vs DBR 6.50% July 04, 2027

Telephonic roadshow 06/29-07/01 (did investor call at 8:30am UKT 06/30). Books closed at 1pm UKT today. UOP: fund the tender offer for its EUR287m 3.50% gtd notes due 06/17/21 at EUR1,016, repay bank and other debt (EUR90m). Biz: a sub of Titan Cement Intl, a vertically integrated group that manufactures, distributes and trades, cement, aggregates, ready-mix concrete and related building products in four regions, the US (including Canada), Greece and Western Europe, Southeastern Europe and the Eastern Mediterranean. HQ: Brussels, Belgium/Athens, Greece.