Titan International begins tender offer, consent bid for 7 7/8% notes

By Angela McDaniels

Tacoma, Wash., Sept. 23 - Titan International, Inc. began a tender offer and consent solicitation for its $525 million of 7 7/8% senior secured notes due 2017, according to a company news release.

Titan is soliciting consents to proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants, some affirmative covenants and some events of default. In addition, Titan is seeking to release the collateral securing the notes.

Holders who tender their notes will be deemed to have consented to the proposed amendments and to the release of the collateral. Holders may not deliver their consents without tendering their notes, and consents cannot be revoked.

The company is offering $1,064.50 per $1,000 principal amount of notes plus accrued interest. This includes a $50.00 consent payment for each note tendered by the consent deadline, 5 p.m. ET on Oct. 4.

The tender offer will expire at midnight ET on Oct. 21.

The tender offer and consent solicitation are subject to the completion by Titan of at least $400 million of new financings.

By tendering the notes, holders are waiving any and all defaults resulting from the consummation of the new financings.

The dealer manager and solicitation agent is Goldman Sachs & Co. (800 828-3182 or 212 902-6941). The information agent and depositary is Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-4300 for noteholders).

Titan International is a holding company based in Quincy, Ill. Its subsidiaries supply wheels, tires, assemblies and undercarriage for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.