Titan closes offering of senior notes
Titan International Inc. has closed its offering of $200 million aggregate principal of five-year unsecured senior notes.
"The $200 million of five-year senior unsecured notes were sold at par and will bear interest at a rate of 8% per annum," say Titan officials.
Titan intends to use the net proceeds from this offering to repay outstanding existing debt, excluding the 5.25% senior unsecured convertible notes. The company will use the remaining cash for "general corporate purposes."