Titan International announces dividend, note sales

Posted: Mar. 8, 2013 10:24 am Updated: Nov. 28, 2014 9:19 pm

Titan International Inc.'s board of directors has approved a quarterly cash dividend of $.005 (one-half cent) per common share for the first quarter of 2013.

The cash dividend is payable April 15 to stockholders of record on March 28.

Titan International Inc. (NYSE: TWI) is a holding company that owns subsidiaries supplying wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earth-moving, construction and consumer applications.

Titan officials also announced this week that they are offering $325 million in senior secured notes at 7.875 percent interest.

Titan intends to use most of net proceeds to repay a portion of the debt from the Titan Europe PLC purchase.