Titan Int'l Prices Offering Of $400 Mln Of Senior Secured Notes - Quick Facts

(RTTNews) - Titan International, Inc. (TWI) announced the pricing of its previously announced offering of $400 million U.S. dollars aggregate principal amount of its Senior Secured Notes due 2020. The Notes will be sold at an offering price of 100% and will bear interest at a rate of 6.875% per annum.

Titan said it plans to use the proceeds from the offering to finance the purchase of the company's 7.875% Senior Secured Notes due 2017, validly tendered pursuant to a tender offer and consent solicitation which it commenced on September 23, 2013, and to pay all consent payments, accrued interest, costs and expenses associated therewith.

The company stated that it intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes, which may include repayment of other existing obligations and financing potential future acquisitions.