QUINCY, Ill. (Dec. 13) — Titan International, Inc. intends to commence an offering of $200 million aggregate principal amount of five-year senior notes, the farm tire and wheel maker said.
The notes, which are subject to market and other customary conditions, will be senior unsecured obligations of the company.
Titan intends to use the net proceeds from this offering to repay approximately $180 million of outstanding existing debt, excluding the 5.25-percent senior unsecured convertible notes. The company will use the remaining cash for general corporate purposes.
In other company news, Titan announced Dec. 12 its board of directors has approved has approved a quarterly cash dividend of one-half cent per common share for the fourth quarter.
The dividend is payable Jan. 12 to stockholders of record on Dec. 29.