Titan prices senior note offering at $200 million

Order Reprints

Titan International Inc. has priced its offering of $200 million aggregate principal amount of five-year senior unsecured notes.

"The $200 million of five-year senior unsecured notes will be sold

at par and will bear interest at a rate of 8% per annum," say Titan officials.

Goldman, Sachs & Co. was the sole bookrunning manager for the transaction.

Titan intends to use the net proceeds from this offering to repay approximately $180 million of outstanding existing debt, excluding the 5.25% senior unsecured convertible notes.

The company will use the remaining cash for "general corporate purposes."

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