By Paul A. Harris
Portland, Ore., Nov. 9 – Titan International, Inc. priced $400 million of six-year senior secured notes (B3/B-) at par to yield 6½% on Thursday, according to a syndicate source.
The yield printed on top of yield talk in the 6½% area.
Goldman Sachs & Co. was the bookrunner.
The Quincy, Ill.-based company plans to use the proceeds to finance the repurchase of its $400 million of 6 7/8% senior secured notes due 2020 via a tender offer.
Titan International manufactures off-highway wheels, tires and undercarriage assemblies for original equipment manufacturer and aftermarket customers in the agricultural and earthmoving/construction equipment markets and the consumer market.
| Issuer: | Titan International, Inc.
|
| Amount: | $400 million
|
| Maturity: | Nov. 30, 2023
|
| Securities: | Senior secured notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Co-manager: | BMO Capital Markets Corp.
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 438 bps
|
| Call protection: | Two years
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
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