Titan announces early tender offer results
The early tender results are in: $46,352,000 principal amount of the 8% senior unsecured notes tendered as part of an offer by Titan International Inc., representing 23.9% of the principal amount outstanding, have been validly tendered.
The offer for the notes, due in 2012, was made by Titan on May 13, 2010 (for more information, click on "Titan: two offers they hope you can't refuse ").
The tender offer expires at midnight New York City time on June 10, 2010, unless extended.
Holders of senior notes that were validly tendered prior to the early tender time and that are accepted for payment will receive $1,050 per $1,000 principal amount of the senior notes, plus any accrued and unpaid interest up to, but not including, the applicable settlement date. Holders of senior notes that are validly tendered after the early tender time but before the expiration time will receive $1,000 per $1,000 principal amount of the senior notes, plus any accrued and unpaid interest up to, but not including, the final settlement date.
Titan has waived the "financing condition" to the tender offer, as set forth in the offer to purchase. The tender offer had been conditioned on the completion of a private placement of Titan’s senior unsecured notes.
Titan intends to finance the purchase of the senior notes pursuant to the tender offer and to pay all fees and expenses associated therewith from cash on hand.
In addition, Titan has amended the tender offer to waive the "minimum tender condition," as set forth in the offer to purchase, and to grant holders the right to withdraw tendered senior notes prior to 5 p.m. New York City time on June 3, 2010, but not thereafter.
For more information, visit www.titan-intl.com.