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October 08, 2013 02:00 AM

Titan closes notes offer

Tire Business Report
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    QUINCY, Ill.—Titan International Inc. has closed its offering of $400 million aggregate principal amount of 6.875 percent Senior Secured Notes due 2020.

    Titan said the notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the U.S. in compliance with Regulation S.

    The company intends to use the net proceeds from the offering to finance the purchase of its 7.875 percent Senior Secured Notes due 2017 validly tendered according to a tender offer and consent solicitation which it commenced Sept. 23 Titan said. It also plans to use the proceeds to pay all consent payments, accrued interest, costs and expenses associated with the purchase.

    Titan said it intends to use any remaining net proceeds from the offering of the notes for general corporate purposes, which may include repayment of other existing obligations—including the redemption, repurchase or other retirement of any remaining 2017 notes—as well as the financing of potential future acquisitions.

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