Titan waives minimum tender, funding terms, gets early tenders for 24% of 8% unsecured notes

By Susanna Moon

Chicago, May 27 - Titan International, Inc. said it received tenders of $46,352,000 principal amount, or 23.9%, of its outstanding 8% senior unsecured notes due 2012 as of 5 p.m. ET on May 26, the early tender time.

Titan also said it waived the minimum tender and financing conditions. The offer had been conditional upon completion of a notes offering and tenders of at least $125 million of the 8% notes.

The company said on May 13 that it planned to issue at least $150 million of unsecured senior notes via Rule 144A and Regulation S. Proceeds were to be used to fund the company's tender offer for its 8% notes and for general corporate purposes.

Titan also granted holders the right to withdraw tendered notes by 5 p.m. ET June 3.

As previously noted, holders who tendered by the early deadline will receive $1,050 per $1,000 of notes. Holders who tender after the early tender time but before the expiration time will receive par.

The company will also pay accrued interest up to but excluding the settlement date.

The tender offer will end at midnight ET on June 10. It began on May 13.

Goldman, Sachs & Co. (800 828-3182) is the dealer manager for the offer. Global Bondholder Services Corp. (866 470-4300) is the information agent.

Titan is a Quincy, Ill.-based maker of wheels, tires and assemblies for off-highway vehicles, including tractors and combines.

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