WEST CHICAGO, Ill. — Titan International Inc. has increased the value of and extended the duration of a revolving credit facility it has had since February 2017.
The value of the credit facility with BMO Harris Bank N.A. and other financial institutions was increased to $125 million from $100 million and the term was extended until Oct. 28, 2026.
Making these adjustments provides Titan the "flexibility we need to support the business dynamics we have experienced this year and the growth we anticipate moving forward into 2022 and beyond," David Martin, senior vice president and chief financial officer, said.
"We appreciate the support from our banking partners and we are pleased to have this foundation in place for the next five years."
The amended credit facility can be expanded by up to $50 million through an accordion provision within the agreement, Titan said. The amended agreement has terms substantially similar to those contained in the agreement prior to the amendment in February and also includes other enhancements to further improve the availability within the borrowing base.