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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Titan closes exchange agreement for $59.62 million 5.625% convertibles
By Jennifer Chiou
New York, Jan. 19 - Titan International, Inc. announced that it settled its issue of 6,617,709 of its shares in exchange for $59,616,000 of its 5.625% convertible senior subordinated notes due 2017.
A noteholder approached the company for the privately negotiated agreement on Jan. 7.
Titan also paid accrued interest.
The final number of shares was calculated using the volume-weighted average price of Titan stock (NYSE: TWI, $18.37 at close Jan. 7) during the five days ended Jan. 7.
As already reported, the notes in the agreement make up roughly 35% of the outstanding principal amount, and $112.9 million of notes will remain outstanding.
Titan is a Quincy, Ill.-based maker of wheels, tires and assemblies for off-highway vehicles, including tractors and combines.
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