Titan International restructures credit terms
Titan International Inc. restructured its $115 million credit facility just before 2001 ended.
The credit facility has been replaced by a $99 million, five-year loan and a $20 million, five-year revolving credit facility.
"These five-year facilities, in conjunction with the settlement of the three-and-a-half-year labor disputes with the United Steelworkers of America, will enhance Titan's ability to concentrate on the off-highway wheel, tire and assembly business," said Morry Taylor, Titan CEO and president.
For the $99 million loan, General Electric Capital Corp. serves as the agent for a group of lenders. For the $20 million credit facility, LaSalle Bank N.A. is the lender of record.