Titan launches conversion offer for 5.25% convertibles

By Jennifer Chiou

New York, Feb. 21 - Titan International, Inc. announced the start of a conversion offer for its $81.2 million of 5.25% senior convertible notes due 2009.

The offer ends at 5 p.m. ET on March 20.

On Jan. 22, the company said that noteholders who convert during the offer will receive a conversion rate of 81.0 shares per $1,000 principal amount of notes, which is equivalent to a conversion price of roughly $12.35 per share.

The notes were previously convertible at a rate of 74.0741 common shares per $1,000 principal amount, which is equivalent to a conversion price of roughly $13.50 per share.

Titan's stock closed down $0.28 at $25.13 (NYSE: TWI) on Wednesday.

If all of the notes are converted in the offer, Titan would issue 6,577,200 common shares.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the dealer manager (888 654-8637, attention: Liability Management Group).

Global Bondholder Services Corp. is the information and conversion agent (866 470-3900).

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

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