QUINCY, Ill. (Feb. 22) — Titan International Inc. has offered holders of its senior convertible notes the opportunity to convert their holdings into Titan´s common stock.
The offer applies to 5.25 percent senior notes due in 2009. As of Feb. 20, Titan had $81.2 million principal amount of convertible notes outstanding.
As part of the offer, each $1,000 principal amount of notes is convertible into 81 shares of common stock. The conversion price is equivalent to about $12.35 per share, Titan said.
The offer expires on March 20.