Titan International, Inc. Amends and Extends the Credit and Security Agreement
October 28, 2021 at 05:00 pm EDT
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On October 28, 2021, Titan International, Inc. amended and extended the Credit and Security Agreement, dated as of February 17, 2017 (as amended) with respect to the $100 million revolving credit facility (the Credit Facility) with agent BMO Harris Bank N.A. and other financial institutions.? 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.
Titan International, Inc. is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. The Company's segments include agricultural, earthmoving/construction and consumer. Its agricultural wheels, tires, and components are manufactured for use on various agricultural equipment. The earthmoving/construction segment manufactures wheels, tires, and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military, construction, and forestry equipment, including skid steers and aerial lifts. The consumer segment manufactures bias truck tires in Latin America and light truck tires in Russia. The Company also offers select products for ATVs, side-by-sides, rock climbers, turf, and lawn and garden. This segment also includes custom rubber stock mixing sales to a variety of OEMs in tangential industries. It manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom Tire brands.