Titan Petrochemicals solicits consents for 8½% notes

By Jennifer Chiou

New York, May 29 - Titan Petrochemicals Group Ltd. announced the start of a consent solicitation for its 8½% guaranteed senior notes due 2012.

The Hong Kong-based trader of petrochemicals and oil products is soliciting consents to waive certain covenants in the note indenture in order to enable Titan to consummate a proposed transaction with Warburg Pincus LLC.

On March 28, Titan entered into an agreement with Warburg Pincus, under which Warburg Pincus has agreed to invest $75 million in consideration for ordinary shares, convertible preferred shares and a warrant for additional ordinary shares of Titan and $100 million in redeemable convertible preferred shares and a warrant for ordinary shares of Titan Group Investment Ltd.

The solicitation expires at midnight ET on June 12.

The company said it will pay a consent fee of $2.50 for each $1,000 of principal amount of notes that have been delivered for consent.

Titan said it is seeking consents from holders of a majority of notes.

MacKenzie Partners, Inc. is the information agent (800 322-2885). Morgan Stanley & Co. Inc. is the solicitation agent (800 624-1808 or call Tate Forrester collect at 212 761-5384; in Hong Kong, call Kathryn Walsh at 852 2848-7204).

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