Subject to the receipt of proceeds from its new financing, Titan International Inc. says it expects to exercise its early settlement election.
Titan expects to accept for purchase $138,874,000 aggregate principal amount of its outstanding 8% senior unsecured notes due 2012, pursuant to its previously announced tender offer and consent solicitation (see "Titan announces tender offer for notes").
Titan expects to pay the total consideration of $1,075 for each $1,000 principal amount of senior notes validly tendered and accepted for purchase, plus accrued interest to holders that validly tendered their senior notes with the proceeds from its new financing.
The early settlement date is expected to be Friday, Oct. 1, 2010. The tender offer will expire at 5 p.m., New York City time, on Oct. 1, 2010, unless further extended or earlier terminated by Titan in its sole discretion.
As of 5 p.m., New York City time, on Sept. 29, 2010, $138,874,000 aggregate principal amount of senior notes -- approximately 99.2% of the outstanding aggregate principal amount of senior notes -- had been validly tendered.
Titan has engaged Goldman, Sachs & Co. as dealer manager and solicitation agent for the tender offer and consent solicitation. Persons with questions regarding the tender offer or the consent solicitations should contact Goldman, Sachs & Co. at (800) 828-3182, or collect at (212) 902-5128.
The complete terms and conditions of the tender offer and consent solicitation are described in the "Offer to Purchase and Consent Solicitation Statement" and related "Letter of Transmittal," copies of which may be obtained by noteholders from Global Bondholder Services Corp. at (866) 873-7700.
