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Titan investors tender $138.87 million 8% notes by consent deadline
By Devika Patel
Knoxville, Tenn., Sept. 15 - Titan International, Inc. announced holders tendered $138,867,000 in 8% senior unsecured notes due 2012 by the consent deadline of 5 p.m. ET on Sept. 14 as part of the company's cash tender offer for any and all of the $139,948,000 in notes.
The offer launched Aug. 31 and will expire at midnight ET on Sept. 28.
Titan also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, affirmative covenants and events of default. Holders who tender their notes will be deemed to have consented to the proposed amendments. The company now has the consents from holders of approximately 99.2% of the notes, which are sufficient to execute the amendments.
Titan will pay $1,075 for each $1,000 principal amount plus accrued interest, including a premium of $30 for notes tendered by the consent deadline.
Holders who tender their notes will be waiving any defaults resulting from the completion of the new financings.
Goldman Sachs & Co. (800 828-3182 or collect at 212 902-5128) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 873-7700 for noteholders or 212 430-3774 for banks and brokers) is the information agent and depositary.
Titan is a Quincy, Ill.-based maker of wheels, tires and assemblies for off-highway vehicles, including tractors and combines.
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