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Titan International, Inc. Announces Increase And Five Year Extension Of Domestic Credit Facility

PR Newswire - Thu Oct 28, 2021

WEST CHICAGO, Ill., Oct. 28, 2021 /PRNewswire/ -- Titan International, Inc. (NYSE:TWI) today announced the completion of an amendment to its domestic credit facility.  On October 28, 2021, the Company amended and extended the Credit and Security Agreement (the Agreement), dated as of February 17, 2017 (as amended) with respect to the $100 million revolving credit facility (the Credit Facility) with agent BMO Harris Bank N.A. and other financial institutions.  The Credit Facility was increased to $125 million with the amount available under the Credit Facility determined based upon eligible accounts receivable and inventory balances at certain of its domestic subsidiaries.  The amended Credit Facility has a five-year term with the new maturity occurring on October 28, 2026. The amended Credit Facility can be expanded by up to $50 million through an accordion provision within the Agreement.  The amended Agreement has terms substantially similar to those contained in the Agreement prior to the amendment earlier this year in February and also includes other enhancements to further improve the availability within the borrowing base.

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