October 08, 2013
Titan closes $400 million note offering
Titan International Inc. closed its offering of $400 million aggregate principal amount of 6.875% Senior Secured Notes due 2020 on Oct. 7, 2013.
The notes were offered and sold in a private offering 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 says it intends to use the net proceeds from the offering to finance the following:
* 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.
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