Titan International, Inc.Announces Increase and Five-Year Extension of Its Domestic Credit Facility


CHICAGO-WEST, Illinois., 28 October 2021 / PRNewswire / – Titan International, Inc. (NYSE: TWI) today announced the completion of an amendment to its domestic credit facility. At 28 October 2021, the Company has amended and extended the Credit and Guarantee Agreement (the Agreement), dated February 17, 2017 (as amended) with regard to the $ 100 million revolving credit facility (the credit facility) with agent BMO Harris Bank NA and other financial institutions. The credit facility has been increased to $ 125 million the amount available under the credit facility being determined on the basis of eligible accounts receivable and inventory balances of certain of its national subsidiaries. The amended credit facility has a term of five years, with the new term occurring on 28 October 2026. The modified credit facility can be extended up to $ 50 million through an accordion provision in the Accord. The amended deal has essentially similar terms to those contained in the deal prior to the amendment earlier this year in February and also includes other improvements to further improve availability within the borrowing base.

David Martin, Senior Vice President and Chief Financial Officer commented “The increase in our national credit facility to $ 125 million along with the new five-year deadline to 2026, gives us the flexibility we need to support the business momentum we’ve seen this year and the growth we plan to move forward in 2022 and beyond. of the. We appreciate the support of our banking partners and we are happy to have this foundation in place for the next five years. “

Safe Harbor Declaration: This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor rule for “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “plan”, “” “” Could “,” potential “,” could “,” will “and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs about future developments and their potential effect on us. While we believe the assumptions on which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties and are subject to change based on various factors, some of which are beyond the control of Titan International, Inc.. Accordingly, any of these assumptions may prove to be incorrect and forward-looking statements based on these assumptions may be incorrect. The matters addressed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements in depending on various factors, uncertainties or other factors, including, but not limited to, the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company’s end-user markets in which the Company sells its products due to national and global economic or regulatory influences or otherwise; changes in the market, including new products and price changes by the Company’s competitors; the Company’s ability to maintain satisfactory working relationships; unfavorable results of legal proceedings; the Company’s ability to comply with current or future regulations applicable to the Company’s business and the industry in which it competes or with any action taken or order issued by regulatory authorities; availability and price of raw materials; operational efficiency levels; the effects of the Company’s indebtedness and its compliance with its terms; changes in the interest rate environment and their effects on the Company’s outstanding debt; product liability and adverse warranty claims; actions of national and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or carries out its activities; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing activities and increased expenses; investment results; the effects of potential processes to explore various strategic transactions, including potential arrangements; fluctuations in currency conversions; risks associated with environmental laws and regulations; risks associated with our manufacturing facilities, including the fact that one of our physical facilities may become unusable; risks related to financial information, internal controls, tax accounting and information systems; and other risks and factors detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in such reports. These forward-looking statements are made only as of the date hereof. The Company cautions that all forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company does not undertake to publicly update or revise any forward-looking statements. , whether as a result of new information, changes in circumstances or future events, or for any other reason, except as required by law.

About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-road wheels, tires, assemblies and undercarriage products. Based at West Chicago, Illinois, the company produces a wide range of products globally to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agriculture, earthmoving / construction and construction markets. consumption. For more information, visit www.titan-intl.com.

Logo of Titan International, Inc. (PRNewsFoto / Titan International)



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