QUINCY, Ill.—Titan International Inc. has priced its offering of $400 million aggregate principal amount of its senior secured notes due 2020.
Titan said it intends to use the net proceeds from the offering to finance the purchase of the company's 7.875 percent senior secured notes due 2017 and then use any remaining net proceeds from the offering for general corporate purposes.
Titan also announced it has commenced a cash tender offer for any and all of its $525 million aggregate principal amount outstanding of 7.875 percent senior secured notes due 2017.
The tender offer will expire at midnight EDT on Oct. 21, unless extended or terminated earlier, the Quincy-based company said. In order to be eligible to receive the total consideration for tendered senior notes, holders must validly tender their senior notes and deliver their consents at or prior to 5 p.m. EDT Oct. 4.
Titan has engaged Goldman, Sachs & Co. as sole dealer manager and solicitation agent for the tender offer and consent solicitation.
Titan is a holding company that owns subsidiaries supplying wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.