Titan International exchanges $33.8 million 5.25% senior convertibles for stock

By Jennifer Chiou

New York, June 15 - Titan International, Inc. said it agreed to exchange $33.8 million of its 5.25% senior convertible notes due 2009 into 3,022,275 shares of Titan common stock.

The company said the transaction was proposed by the holders of the notes. Converting debt to equity is "advantageous," it added.

Titan, which is a holding company with subsidiaries that supply wheels, tires and assemblies for off-highway equipment, has headquarters in Quincy, Ill.

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