Titan International, Inc. Closes Private Placement of Senior Secured Notes Due 2028
April 22, 2021 at 11:07 am EDT
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Titan International, Inc. announced the closing of its offering of $400 million aggregate principal amount of 7.00% Senior Secured Notes due 2028. The 2028 Notes were offered and sold in a private offering to persons reasonably believed to be 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. Titan intends to use the net proceeds from the offering and cash on hand to finance the redemption of its 6.50% Senior Secured Notes due 2023 (the "2023 Notes"), including all call premiums, accrued interest, costs and expenses associated therewith. The 2023 Notes were called for redemption on April 7, 2021 in accordance with the applicable provisions of the indenture governing the 2023 Notes. The 2023 Notes will be redeemed on May 7, 2021. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the 2028 Notes. Any offers of the 2028 Notes will be made only by means of a private offering circular. The 2028 Notes have not been registered under the Securities Act or the securities laws of any jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This press release is for information purposes only and does not constitute an offer to purchase or a solicitation of an offer to purchase any of the 2023 Notes.
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.
TITAN INTERNATIONAL, INC. 
