Titan redeems remaining $137.68 million 7 7/8% notes at 105.906

By Marisa Wong

Madison, Wis., Nov. 8 - Titan International, Inc. completed the previously announced redemption of all $137,681,000 of its outstanding 7 7/8% senior secured notes due 2017 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The company redeemed the notes at a price of $1,059.06 for each $1,000 principal amount, or about $145.8 million in total, plus roughly $1.1 million of interest accrued to the redemption date.

The company recently completed a tender offer for the 7 7/8% notes. Holders had tendered $387,319,000 of the $525 million original principal amount.

Titan International is a holding company based in Quincy, Ill. Its subsidiaries supply wheels, tires, assemblies and undercarriage for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.

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