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Titan Closes Notes Offering

(Akron/Tire Review) Titan International Inc. announced that it has closed its offering of $200 million aggregate principal amount of five-year senior unsecured notes.

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The notes were sold at par and will bear interest at a rate of 8% per year, Titan said.

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The company said it intends to use the proceeds to repay outstanding existing debt, excluding the 5.25% senior unsecured convertible notes.

“The company will use the remaining cash for general corporate purposes,” according to a release.

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