Titan aims to raise $150 million to restructure debt

ERJ staff report (DS)

Quincy, Illinois - Titan International, Inc. is offering a private placement of at least $150 million in loan notes). The proceeds are intended to buy its 8 percent senior unsecured notes due 2012 through a tender offer, to pay related fees and expenses and for general corporate purposes.

Titan's Board of Directors held a Board meeting on THursday and re-elected Maurice Taylor Jr. as chairman and chief executive officer (CEO), Erwin Billig as vice chairman, Kent W. Hackamack as vice president of finance and treasurer and Cheri Holley as vice president and secretary.

J. Michael A. Akers and Maurice M. Taylor Jr. were elected by the stockholders to serve as directors for a three-year term. Titan stockholders also voted to ratify PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2010.

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Press release from Titan (loan notes

Press release from Titan (Director appointments