TITAN INTERNATIONAL, INC. (NYSE:TWI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into A Material Definitive Agreement
TITAN INTERNATIONAL, INC. (NYSE:TWI) Files An 8-K Entry into a Material Definitive Agreement
On February 17, 2017, Titan International, Inc. (Titan or the Company) entered into a credit and security agreement with respect to a new $75 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. The new credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and includes a maturity of the earlier of five years or six months prior to maturity of the Company’s 6.875% senior secured notes due in October 2020. This credit facility replaces Titan’s $150 million revolving credit facility which was previously scheduled to terminate in December 2017.
The foregoing description of the credit facility does not purport to be complete and is subject to, and qualified in its entirety by, reference to the credit facility filed as Exhibit 10 hereto.
Item 1.02 Termination of a Material Definitive Agreement
The information in Item 1.01 above is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information in Item 1.01 above is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10 Credit and Security Agreement, dated February 17, 2017
About TITAN INTERNATIONAL, INC. (NYSE:TWI)
Titan International, Inc. is a manufacturer of wheels, tires and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction and consumer segments. The Company operates through three segments: agricultural, earthmoving/construction and consumer. The Company’s agricultural market includes rims, wheels, tires and undercarriage systems and components manufactured for use on various agricultural and forestry equipment. The Company’s earthmoving/construction market includes rims, wheels, tires and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military and construction equipment. The Company’s consumer market includes bias truck tires in Latin America and light truck tires in Russia, as well as products for all-terrain vehicles (ATVs). TITAN INTERNATIONAL, INC. (NYSE:TWI) Recent Trading Information
TITAN INTERNATIONAL, INC. (NYSE:TWI) closed its last trading session down -0.66 at 13.50 with 463,256 shares trading hands.
Titan International, Inc. is a manufacturer of wheels, tires and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction and consumer segments. The Company operates through three segments: agricultural, earthmoving/construction and consumer. The Company’s agricultural market includes rims, wheels, tires and undercarriage systems and components manufactured for use on various agricultural and forestry equipment. The Company’s earthmoving/construction market includes rims, wheels, tires and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military and construction equipment. The Company’s consumer market includes bias truck tires in Latin America and light truck tires in Russia, as well as products for all-terrain vehicles (ATVs). TITAN INTERNATIONAL, INC. (NYSE:TWI) Recent Trading Information
TITAN INTERNATIONAL, INC. (NYSE:TWI) closed its last trading session down -0.66 at 13.50 with 463,256 shares trading hands.
