Titan closes $200 million senior note offering
Titan International Inc. has closed its offering of $200 million aggregate principal amount of 7.875% senior secured notes due 2017.
The notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S.
Titan intends to use the net proceeds from the offering to finance the purchase of its 8% senior unsecured notes due 2012 (which commenced on Aug. 31, 2010), and pay all consent payments, accrued interest and costs and expenses associated therewith.
The remaining net proceeds will be used "for general corporate purposes, which may include financing potential future acquisitions and repayment of other existing obligations," according to the company.