Titan to Offer Convertible Senior Subordinated Notes

Titan International has reported its intention to offer US$75 million aggregate principal amount of its Convertible Senior Subordinated Notes, due 2017, in a private offering. The company says it intends to use the proceeds from the offering for “general corporate purposes”, including financing potential future acquisitions and repayment of existing debt obligations.

The notes will bear cash interest at a fixed rate, to be payable semi-annually and will be convertible at the option of the holders into shares of Titan common stock. Titan will have the right to redeem the notes in whole or in part at a specified redemption price on or after January 20, 2014, if the closing sale price of its common stock exceeds 130 per cent of the conversion price then in effect for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day immediately prior to the date of the redemption notice.