September 27, 2013
Titan puts a price on Senior Secured Notes
Titan International Inc. has priced its previously announced offering of $400 million aggregate principal amount of its Senior Secured Notes due 2020. The notes will be sold at an offering price of 100% and will bear interest at a rate of 6.875% per annum.
The notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S.
Titan intends to use the net proceeds from the offering to:
* finance the purchase of the company's 7.875% Senior Secured Notes due 2017, validly tendered pursuant to a tender offer and consent solicitation which it commenced on Sept. 23, 2013, and
* to pay all consent payments, accrued interest, costs and expenses associated therewith.
Titan intends to use any remaining net proceeds from the offering of the notes for general corporate purposes, which may include repayment of other existing obligations (including the redemption, repurchase or other retirement of any remaining "2017 Notes") and financing potential future acquisitions.
The notes have not been registered under the Securities Act or the securities laws of any jurisdiction and may not be offered or sold in the U.S. without registration or an applicable exemption from registration requirements.
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