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Titan International to exchange $52.7 million of 5.625% convertibles
By Susanna Moon
Chicago, Jan. 23 - Titan International, Inc. said it agreed to exchange about $52.7 million principal amount of its 5.625% convertible senior subordinated notes due 2017.
In the privately negotiated exchange, the company agreed to issue about 4.9 million shares and pay $14.2 million in cash for the convertibles, according to a press release.
After the exchange, about $60.2 million principal amount of the convertibles will remain outstanding.
The Quincy, Ill., company is a manufacturer of wheels and tires for off-road equipment.
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