Titan International to price $400 million seven-year notes this week

By Paul A. Harris

Portland, Ore., Sept. 23 - Titan International Inc. plans to price a $400 million offering of seven-year senior secured notes (existing ratings B1/B+) during the latter part of the present week, according to a market source.

A roadshow is set to get under way on Tuesday.

Goldman Sachs & Co. and Jefferies LLC are the joint bookrunners. William Blair, Oppenheimer & Co. Inc. and BB&T Capital Markets are the co-managers.

The Rule 144A and Regulation S with registration rights notes become callable in three years at par plus 75% of the coupon.

The Quincy, Ill.-based supplier of wheels, tires, assemblies and undercarriage products for off-highway equipment plans to use the proceeds for general corporate purposes, which may include taking out any remaining 2017 notes and financing potential future acquisitions.

The company also announced plans for the offering in an 8-K filing with the Securities and Exchange Commission.

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