Titan sells senior notes
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 invesors´ extremely positive reception of the notes and the anticipation regarding Titan´s growth potential," says Titan CEO and President Morry Taylor.
Titan announced the sale last week.