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Titan Redeemed The Notes at a Price of $1,059.06

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Core Tip: Titan International Inc. recently completed the previously announced redemption of all of its outstanding $137,681,000 aggregate principal amount of the 7.875% senior secured notes due

Titan International Inc. recently completed the previously announced redemption of all of its outstanding $137,681,000 aggregate principal amount of the 7.875% senior secured notes due 2017.

The company redeemed the notes at a price of $1,059.06 for each $1,000 principal amount of notes redeemed, or approximately $145.8 million in total, plus approximately $1.1 million of unpaid interest accrued to the redemption date. Titan did not incur any early termination penalties in connection with the redemption of the senior secured notes beyond the premium reflected in the redemption price described above.

The completion of the redemption discharges the Indenture, dated Oct. 1, 2010, among Titan, the guarantors party thereto, and U.S. Bank National Association as the trustee and the collateral trustee, under which the senior secured notes due 2017 were issued, as supplemented by the "First Supplemental Indenture" dated March 11, 2013; the “Second Supplemental Indenture” dated Oct. 7, 2013; and the "Discharge Supplemental Indenture" dated Oct. 7, 2013.

In connection with this transaction, Titan will record expenses of approximately $4 million in the fourth quarter of 2013. These expenses relate primarily to the redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes.

 
 
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