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Jun 2016

Bernitsas Law advises on Titan Global Finance €410m tender offer and new notes issue

Bernitsas Law advised HSBC Bank, Merrill Lynch International, Société Générale, Alpha Bank, Credit Suisse Securities (Europe), Eurobank Ergasias, National Bank of Greece, Raiffeisen Bank International acting as the Managers in relation to the invitation by Titan Global Finance to holders of its outstanding 8.75 per cent. Notes due 2017 to tender their Notes for purchase by Titan for cash and the issue and sale by Titan of €300m 3.50 per cent Notes due 2021 guaranteed by its parent, Titan Cement Company.

This is one of the few cross-border transactions involving a Greek group following the effective closure of the international debt markers to issuers related to Greece in the first half of 2015 and enabled the Titan Cement Company group to reduce and reprofile its debt obligations.

Titan Global Finance is part of the Titan Cement Company SA, an internationally operating cement and building materials producer which is listed on the Athens Exchange.

The Bernitsas Law team was led by Athanasia Tsene.