Item 1.01 Entry into a Material Definitive Agreement
On October 28, 2021, the Company amended and extended the credit and security
agreement with respect to the $100 million revolving credit facility (credit
facility) with agent BMO Harris Bank N.A. and other financial institutions party
thereto. The credit facility was increased to $125 million with the amount
available under the credit facility determined based upon eligible accounts
receivable and inventory balances at certain of its domestic subsidiaries. The
amended credit facility has a five-year term with the new maturity occurring on
October 28, 2026. The amended credit facility can be expanded by up to $50
million through an accordion provision within the agreement. The amended
agreement has terms substantially similar to those contained in the agreement
prior to the amendment earlier this year in February and also includes other
enhancements to further improve the availability within the borrowing base.
Item 7.01 Regulation FD Disclosure
On October 28, 2021, Titan International, Inc. issued a press release announcing
the increase and five year extension of its domestic credit facility. A copy of
the press release is furnished herewith as Exhibit 99.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
Exhibit No. Description
Fifth Amendment to Credit and Security Agreement with agent BMO Harris
10.1 Bank N. A. dated as of October 28, 2021
Press release dated October 28, 2021, announcing increase and five year
99 extension of domestic credit facility for Titan International, Inc.
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