QUINCY, Ill. (Sept. 30, 2010)—Titan International Inc. said that, subject to the receipt of proceeds from its new financing, the company expects to exercise its early settlement election.
The Quincy-based company said it expects to accept for purchase $138.9 million aggregate principal amount of its outstanding 8 percent senior unsecured notes due 2012 pursuant to its previously announced tender offer and consent solicitation, as described in the “Offer to Purchase and Consent Solicitation Statement” of Aug. 31. Titan expects to pay the total consideration of $1,075 for each $1,000 principal amount of senior notes validly tendered and accepted for purchase, plus accrued interest to holders that validly tendered their senior notes with the proceeds from its new financing.
The early settlement date is expected to be Oct. 1, unless Titan decides to extend or end it earlier.