Titan International commenses converison offer
Titan International Inc. has commenced an offer to the holders of its 5.25% senior convertible notes due 2009 to convert their notes into Titan’s common stock at an increased conversion rate.
The offer is scheduled to expire at 5 p.m. EST on March 20, 2007, unless extended or terminated. As of Feb. 20, 2007, there were $81.2 million principal amount of convertible notes outstanding.
Per the offer, each $1,000 principal amount of notes is convertible into 81.0000 shares of common stock, which is equivalent to a conversion price of approximately $12.35 per share. The offering price
set forth will not include accrued interest; therefore, no accrued interest will be paid on the notes that accept this offering. Prior to the offer, each $1,000 principal amount of notes was convertible into
74.0741 shares of common stock, which was equivalent to a conversion price of approximately $13.50 per share.
The registration statement relating to the shares of common stock to be offered by the Securities and Exchange Commission was declared effective on Feb. 21, 2007.
Titan has retained Merrill Lynch, Pierce, Fenner & Smith Inc. to serve as the Dealer Manager for the offer. Questions regarding the offer may be directed to that company at (888) 654-8637, attention: Liability Management Group.