Titan International to price $400 million secured notes this week, whisper mid-to-high 7% area

By Paul A. Harris

Portland, Ore., April 7 – Titan International, Inc. plans to price a $400 million offering of seven-year senior secured notes (B-) before the end of the April 5 week, according to market sources.

The deal, which was set to kick off on a Wednesday conference call with investors, is in the market with initial guidance in the mid-to-high 7% area, a bond trader said.

Goldman Sachs & Co. LLC has the books. BMO Capital Markets Corp. is the co-manager.

The Rule 144A and Regulation S with registration rights notes become callable after three years at par plus 50% of the coupon.

The Quincy, Ill.-based manufacturer of off-highway wheels, tires, assemblies, and undercarriage products plans to use the proceeds to redeem its 6½% senior secured notes due 2023, with any remaining proceeds to be used for general corporate purposes which may include repayment of other existing obligations.

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