Titan Bond

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The proposed transaction is an up to €60 million (IFC Financing) anchor investment in a €300 million bond to be issued by Titan Global Finance UK PLC (the Issuer), a fully owned subsidiary of Titan SA (Titan or the Group). The IFC Financing will be utilized to implement decarbonization and energy efficiency measures, and strengthen working capital of the Group’s Southeastern Europe (SEE) operations in Albania, Bulgaria, Kosovo, North Macedonia, and Serbia (Target Countries) (the Project). Working capital will be mainly deployed at existing production facilities in the Target Countries. IFC investment will not be allocated for expansion or alteration of the quarry operations. The Group is an international, vertically integrated cement and building materials producer dating back to 1902 with the establishment of the first cement plant in Greece. Today, the Group operates 13 cement plants across 10 countries. The Group produces an extensive line of cement and other hydraulic binders. Collectively, the total cement amounts to approximately 24,6 million MT per year. In the SEE region, the Group runs 5 integrated cement plants (total capacity: 7.8 million tonnes), 19 quarries, and 7 ready-mix plants. The Group’s 2030 decarbonization strategy includes a comprehensive set of levers to reduce emissions from cement production by accelerating the use of alternative fuels, substituting clinker with cementitious materials with lower carbon intensity, increasing energy efficiency and optimizing its raw materials mix. Titan is a former IFC’s client. In 2008 IFC provided equity funding for the Group’s greenfield cement plant in Albania (Antea Cement; Project #25886, 27958 and 32001). In November 2010, IFC invested equity in the group’s expansion and improvement project in Egypt (Titan Egypt; Project #27022 and 30274). In 2012, IFC invested equity in the group’s operations in Kosovo, North Macedonia and Serbia (Titan Danube; Project #31128).