Skip to main content
Sister Publication Links
  • Automotive News
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • HUMANITARIAN
  • News
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • BEST PLACES TO WORK
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
November 12, 2013 01:00 AM

Titan completes senior secured notes redemption

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    QUINCY, Ill. (Nov. 12, 2013) — Titan International Inc., on Nov. 6, completed the previously announced redemption of all of its outstanding $137.7 million aggregate principal amount of the 7.875- percent senior secured notes due 2017.

    The Quincy-based company redeemed the notes at a price of $1,059.06 for each $1,000 principal amount of notes redeemed, or approximately $145.8 million in total, plus approximately $1.1 million of unpaid interest accrued to the redemption date. Titan said it did not incur any early termination penalties in connection with the redemption of the notes beyond the premium reflected in the redemption price.

    The completion of the redemption discharges the indenture, dated Oct. 1, 2010, among Titan, the guarantors party to the deal, and U.S. Bank National Association as the trustee and the collateral trustee under which the senior secured notes were issued. as supplemented by the first supplemental indenture on March 11 of this year.

    The redemption also included a second supplemental indenture on Oct. 7 and a discharge supplemental indenture also on that date among the company, the guarantors and trustee.

    Titan said the 2017 senior secured notes indenture was filed as Exhibit 4.1 to the company's current report on Form 8-K, filed Oct. 5, 2010. The second supplemental indenture and the discharge supplemental indenture were filed as Exhibit 4.3 and Exhibit 4.4, respectively, to the company's current report on Form 8-K filed Oct. 7, 2013.

    In connection with this transaction, Titan said it will record expenses of approximately $4 million in the fourth quarter of 2013 relating primarily to the redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes.

    Titan International is a holding company that owns subsidiaries supplying wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Update: Goodyear agrees to meet investment group
    2
    Mavis acquiring TBC's NTB, Tire Kingdom business
    3
    TBC, Mavis complete deal for NTB, Tire Kingdom stores
    4
    EV owners say OE tires wearing out too soon
    5
    Of raiders and Wingfoots: What's ahead for Goodyear?
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HUMANITARIAN
    • News
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • BEST PLACES TO WORK
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION