Titan greenshoe exercised, lifts 5.625% convertibles to $172.5 million

By Marisa Wong

Milwaukee, Dec. 21 - Titan International, Inc. announced that the underwriters of its offering of 5.625% convertible senior subordinated notes due 2017 fully exercised the $22.5 million over-allotment option. The Rule 144A offering, totaling $172.5 million, closed on Monday, according to a news release.

Titan priced an upsized $150 million of seven-year convertibles on Dec. 15 to yield 5.625% with an initial conversion premium of 37.5%.

Goldman Sachs & Co. was the bookrunner, and KeyBank, Oppenheimer & Co. and Sterne Agee Group Inc. were co-managers.

Net proceeds from the offering totaled $166.1 million. Titan intends to use the proceeds for general corporate purposes, including financing potential acquisitions and repayment of existing debt.

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

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