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Titan extends expiration of tender offer for 8% senior notes due 2012
By Marisa Wong
Madison, Wis., Sept. 24 - Titan International, Inc. extended the expiration time of its cash tender offer for any and all of its $139,948,000 of outstanding of 8% senior notes due 2012, according to a news release.
The expiration time is now at 5 p.m. ET on Oct. 1, pushed back from midnight ET on Sept. 28. The offer began on Aug. 31.
As of 5 p.m. ET on Sept. 23, $138,867,000, or 99.2%, of the notes had been tendered.
In the offer, announced on Aug. 31, Titan is also 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.
Titan will pay $1,075 for each $1,000 principal amount plus accrued interest, including a premium of $30 for notes tendered by 5 p.m. ET on Sept. 14, the consent deadline.
As previously reported, the tender offer and consent solicitation require the receipt of proceeds from new financings sufficient to repurchase the notes as well as consents of holders holding a majority of the principal amount of notes outstanding.
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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