Titan Cement of Greece raises €200 million in bond issue

719 Titan Cement has raised €200 million via a bond issue, becoming the first Greek corporate to successfully tap the markets since the country’s debt crisis began in 2010. The arranger is Eurobank, which aims at opening the market for other Greek companies seeking medium-term financing from sources other than banks. Greek banks have lost access to wholesale funding markets due to the recession, which is reported to have left them facing serious difficulties in their capacity to lend to businesses. Eurobank has arranged the issue together with Alpha Bank and Credit Suisse. Titan's issue is due to mature in January 2017, paying 8.75%, and part of the proceeds will be used by the company to pay a previous issue that is due to mature in July 2013.