Titan International Inc.'s tender offer for its 8% senior unsecured notes due 2012 has expired. Slightly more than $47.3 million principal amount has been validly tendered.
That figure represents 24.4% of the principal amount outstanding. All senior notes validly tendered and not validly withdrawn have been accepted for payment.
In connection with Titan's previously announced early settlement election, the specialty tire company paid $1,050 per $1,000 principal amount of senior notes to holders of said notes who tendered them prior to June 7. Total consideration included an early tender premium of $50 per $1,000 principal amount of senior notes. Holders of senior notes also received accrued and unpaid interest up to but not including the settlement date of June 7.
The sole deal manager of the offer was Goldman, Sachs & Co. Global Bondholder Services Corp. was the information agent of the offer.
