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Titan sells senior notes

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Titan International Inc. has sold $100 million 5.25% convertible senior notes for $100 million.

Placement of notes is expected to close on or about July 26.

Initial buyers have the option of purchasing up to an extra $15 million principal amount of the notes, say Titan officials.

Net proceeds will be used to pay off some outstanding principal.

"The company is very excited about the institutional invesorsĀ“ extremely positive reception of the notes and the anticipation regarding TitanĀ“s growth potential," says Titan CEO and President Morry Taylor.

Titan announced the sale last week.

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