Titan International announces senior note offering

Posted: Mar. 2, 2013 3:23 pm Updated: Mar. 23, 2013 3:37 pm


Titan International Inc. (NYSE: TWI) announced plans Friday to offer $275 million of its 7.875 percent Senior Secured Notes due 2017.

The notes are being offered by the initial purchasers to qualified institutional buyers.

Titan intends to use the net proceeds from the offering to repay a portion of the existing indebtedness of certain 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 for general corporate purposes.

Titan announced quarterly earnings of 9 cents per share on Monday, well short of the consensus estimate of 47 cents per share. The low return was caused by the purchase of Titan Europe PLC and damage from an earthquake to a facility in Italy.

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 all terrain vehicles.


In Case You Missed It

'There's always going to be that hole': North Shelby football team playing through pain of losing teammate, classmate
The North Shelby community was rocked when four students were in a car crash on Sept. 24. North Shelby student Joshua Kennison was pronounced dead at the scene, while freshman football player Jakob Pratt died Oct. 11. The Raiders know it is a journey to move past the tragedy that struck their community over the last month, but they know they can do things to help the process.