Titan prices senior note offering at $200 million
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."