Titan International to redeem 8¾% notes with convertible, revolver proceeds

Pittsburgh, July 14 - Titan International Inc. plans to redeem all its outstanding 8¾% senior subordinated notes due 2007 with proceeds from a planned offering of $100 million five-year convertible senior unsecured notes and borrowings under a new $100 million revolving credit facility, according to a company release.

The company also plans to repay its existing credit facility.

Titan International is a Quincy, Ill., supplier of wheels, tires and assemblies for off-highway equipment used in the agricultural, earthmoving/construction and consumer markets.

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