Titan International greenshoe exercised, raising convertibles to $115 million

Pittsburgh, July 26 - Titan International Inc. said the underwriters of its recent offering of 5.25% convertible senior unsecured notes due 2009 have exercised the over-allotment option in full, raising the size of the deal to $115 million.

The Quincy, Ill., wheel, tire and assembly provider originally priced $100 million of the securities after the close on July 19 to yield 5.25% with a 36.78% initial conversion premium.

Merrill Lynch & Co. was the bookrunner for the Rule 144A deal.

Titan International will apply proceeds to the outstanding principal amount of the company's 8.75% senior subordinated notes due 2007.

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