Titan in talks to refinance term loan; plans to refinance notes before 2007 maturity

By Sara Rosenberg

New York, Feb. 27 - Titan International Corp. expects no problems in refinancing its term loan prior to the January 2005 maturity and in fact, has already had initial talks with its existing bank group as well as with other lenders regarding replacement financing, according to a form 10-K filed with the Securities and Exchange Commission on Friday.

Furthermore, the company plans to refinance its $136.8 million senior subordinated notes due 2007 prior to their maturity.

At the time of maturity, the term loan is expected to have a balance of $81.5 million. However, this balance may be reduced if Titan Europe ends up being taken public on the AIM market in London. The public offering would send an estimated $50 million pre-tax cash payment Titan's way, and the majority of the proceeds may be used to reduce term loan debt, the filing said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.