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Titan begins one-month tender for $400 million 6 7/8% notes due 2020
By Susanna Moon
Chicago, Nov. 3 – Titan International, Inc. said it is holding a cash tender offer for its $400 million principal amount of outstanding 6 7/8% senior secured notes due 2020.
Titan also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, some affirmative covenants and some events of default as well as to the release of the collateral securing the 2020 notes, according to a company announcement.
Holders who tender their notes will be deemed to have consented to the proposed amendments.
The total purchase price will be $1,038.38 for each $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Nov. 17.
The total amount includes a consent payment of $30.00 per $1,000 of notes tendered before the early date.
The tender offer will remain open until midnight ET on Dec. 5.
Tendered notes may be withdrawn before the early deadline.
The tender is contingent on Titan closing at least $400 million of new financing.
Assuming all of the notes are purchased by way of the tender, the company expects to write off about $3.2 million of remaining unamortized debt issue costs related to the 2020 notes.
Goldman Sachs & Co. LLC (800 828-3182 or 212 357-1452) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 470-4300) is the information agent and tender agent.
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.
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