By Business Wire, March 06, 2013, 01:44:00 PM EDT
QUINCY, Ill.--(BUSINESS WIRE)--
Titan International, Inc. (NYSE:TWI) ("Titan" or the "Company") today
announced that it priced its previously announced offering of its 7.875%
Senior Secured Notes due 2017 (the "Notes"). The Notes are being offered
by the initial purchasers only to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended, and
outside the United States in compliance with Regulation S. The size of
the offering was increased from the previously announced $275,000,000
aggregate principal amount to $325,000,000 aggregate principal amount.
The issue price is 106.250% of the principal amount of the Notes.
The Notes will be issued under the indenture dated October 1, 2010,
pursuant to which the Company issued $200,000,000 aggregate principal
amount of its 7.875% Senior Secured Notes due 2017 (the "Existing
Notes"). The Notes will form a single series with the Existing Notes and
will vote as one class under the indenture. However, until such time as
the Notes become freely transferable under the Securities Act of 1933,
as amended, the Notes will have a restricted CUSIP and will not trade
together with the Existing Notes.
Titan intends to use the net proceeds from the offering to repay a
portion of the existing indebtedness of certain of its indirect
subsidiaries under the European credit facilities assumed as part of its
acquisition of Titan Europe Plc in the fourth quarter of 2012. Titan
intends to use any remaining net proceeds from the offering of the Notes
for general corporate purposes, which may include financing potential
future acquisitions and repayment of other existing obligations.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the Notes. Any offers of the Notes will
be made only by means of a private offering circular.
The Notes have not been registered under the Securities Act of 1933, as
amended, or any state securities laws and may not be offered or sold in
the United States without registration or an applicable exemption from
registration requirements.
Safe harbor statement:
This press release includes forward-looking statements that involve
risks and uncertainties, including risks as detailed in Titan
International, Inc.'s periodic filings with the Securities and Exchange
Commission, including the annual report on Form 10-K for the year ended
December 31, 2012. The Company cautions that any forward-looking
statements included in this press release are subject to a number of
risks and uncertainties and the Company undertakes no obligation to
publicly update or revise any forward-looking statements.
Titan International, Inc., a holding company, owns subsidiaries that
supply wheels, tires, assemblies and undercarriage products for
off-highway equipment used in agricultural, earthmoving/construction and
consumer applications. For more information, visit www.titan-intl.com.
Source: Titan International, Inc.