The Notes will be issued at par and will be listed on the Irish Stock Exchange plc, trading as Euronext Dublin. The issue was arranged by Eurobank SA, National Bank of Greece SA, Alpha Bank SA and Piraeus Bank SA. The Notes were offered to Banks, Greek institutional investors and professional clients as defined in MiFID II.
The proceeds of the Notes will be used for general corporate purposes, including repayment of 2024 debt obligations. Reflecting the recent credit ratings upgrades (S&P:BB positive outlook, Fitch: BB+ stable outlook), the Notes contain favourable cost and terms for Titan Group under current market conditions.
The issue is in line with the Group’s strategy to optimize its capital structure, extend its debt maturity profile and reduce its future financing costs. As reported last month, Titan Group achieved strong growth in sales (€1,892m) and profitability (EBITDA €397m) in the first nine months of the year.
This momentum continued into the fourth quarter and based on positive outlook
and margin expansion to date, the Group expects to achieve sales in excess of €2,500m and EBITDA over €500m for
the full year of 2023.
