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Titan sets Friday as early settlement day in tender offer for 8% notes
By Susanna Moon
Chicago, Sept. 30 - Titan International, Inc. said it expects to exercise the early settlement election in the tender offer for its $139,948,000 of outstanding 8% senior notes due 2012.
Titan said it plans to accept $138,874,000 of the notes for early settlement.
The early settlement date is expected to be Oct. 1. It is subject to the receipt of proceeds from the company's new financing.
As of 5 p.m. ET on Sept. 29, investors had tendered $138,874,000 principal amount, or 99.2%, of the notes. That's up slightly from $138,867,000, or 99.2%, of the notes tendered by Sept. 23.
The offer will expire at 5 p.m. ET on Oct. 1, pushed back from midnight ET on Sept. 28. The offer began 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.
Titan said on Sept. 15 that it had received tenders for $138,867,000 of the notes by 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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