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Greece's Titan increases bond issue

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World Cement,

Reuters has reported that Greek cement maker Titan is issuing bonds worth €300 million (US$338 million) after increasing the offer due to high investor demand.

Orders for the notes due 2021 with a 3.50% coupon exceeded one billion euros, with international investment funds, foreign banks, insurance companies and pension funds wanting to take up the bonds.

The issue was raised from €250 million.

Titan has announced that proceeds from the sale will be used partly to buy back some or all of its outstanding notes due January 2017 prior to maturity or once they mature.

The closing date has been set for 17 June 2016.

Edited from source by Joseph Green. Source: Reuters

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