QUINCY, Ill. (Dec. 20) — Titan International Inc. announced Dec. 19 that it has priced its offering of $200 million aggregate principal amount of five-year senior unsecured notes.
The notes will be sold at par and will bear interest at a rate of 8 percent per annum, the company said. Goldman, Sachs & Co. was the sole bookrunning manager for the transaction.
The notes will be senior unsecured obligations of the company. Titan initially announced the offering Dec. 13.
The Quincy-based tire and wheel maker 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, and will use the remaining cash for general corporate purposes.