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July 15, 2004 02:00 AM

Titan announces $100 million convertible notes offering

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    QUINCY, Ill. (July 15)—Titan International Inc. intends to offer $100 million principal amount of five-year senior unsecured notes that will be convertible—at any time—into shares of Titan's common stock, the company announced July 14.

    The interest rate, conversion price and offering price are yet to be determined. Titan also may sell up to $15 million principal amount of the notes upon exercise of an option granted to the initial purchasers.

    Titan said it intends to use proceeds from the offering—plus funds from a new $100 million revolving credit facility—to repay all amounts outstanding under the existing term loan and redeem the outstanding principal amount of its 8.75-percent senior subordinated notes due in 2007.

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