Tire maker Titan International expands debt offer to $200 million to refinance old notes
By APThursday, September 23, 2010
Titan International expands debt offer to $200M
QUINCY, Ill. — Titan International is expanding a debt offer to $200 million from $175 million, the company said Wednesday.
The tire manufacturer says the notes will be sold at face value, and will earn an annual interest of 7.875 percent.
The company will use the money to buy back higher-interest notes that were due in 2012. Any leftover cash will go to pay other debts or finance expansions, the company said.
Titan is a holding company whose subsidiaries sell wheels and tires for farm and construction equipment and all terrain vehicles.
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