Titan responds to senior note conversion offer
Titan International Inc. has filed a registration statement relating to 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.
As of Jan. 19, there were $81.2 million principal amount of convertible notes outstanding, according to Titan officials.
The registration statement relating to the shares of common stock to be offered has been filed with the Securities and Exchange Commission, but has not yet become effective, they add.
"Titan’s obligation to commence the offer, accept convertible notes for conversion and pay the conversion consideration in the offer is
conditioned, among other things, on the effectiveness of the registration statement."