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.
David Martin, Senior Vice
President and Chief Financial Officer commented "The increase of
our domestic credit facility to $125
million along with the new five-year maturity to 2026
provides the flexibility we need to support the business dynamics
we have experienced this year and the growth we anticipate moving
forward into 2022 and beyond. We appreciate the support from
our banking partners and we are pleased to have this foundation in
place for the next five years."
Safe Harbor Statement: This press release contains
forward-looking statements. These forward-looking statements are
covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," "plan," "would,"
"could," "potential," "may," "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
concerning future developments and their potential effect on us.
Although we believe the assumptions upon 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 Titan International, Inc.'s control. As a result, any of
these assumptions could prove to be inaccurate and the
forward-looking statements based on these assumptions could be
incorrect. The matters discussed 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 depending on a variety of 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 into which the Company sells its
products as a result of domestic and world economic or regulatory
influences or otherwise; changes in the marketplace, including new
products and pricing changes by the Company's competitors; the
Company's ability to maintain satisfactory labor relations;
unfavorable outcomes 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 any
actions taken or orders issued by regulatory authorities;
availability and price of raw materials; levels of operating
efficiencies; the effects of the Company's indebtedness and its
compliance with the terms thereof; changes in the interest rate
environment and their effects on the Company's outstanding
indebtedness; unfavorable product liability and warranty claims;
actions of domestic and foreign governments, including the
imposition of additional tariffs; geopolitical and economic
uncertainties relating to the countries in which the Company
operates or does business; risks associated with acquisitions,
including difficulty in integrating operations and personnel,
disruption of ongoing business, and increased expenses; results of
investments; the effects of potential processes to explore various
strategic transactions, including potential dispositions;
fluctuations in currency translations; risks associated with
environmental laws and regulations; risks relating to our
manufacturing facilities, including that any of our material
facilities may become inoperable; risks relating to financial
reporting, internal controls, tax accounting, and information
systems; and the 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 those reports.
These forward-looking statements are made only as of the date
hereof. The Company cautions that any forward-looking statements
included in this press release are subject to a number of risks and
uncertainties, and the Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, changed 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-highway wheels, tires,
assemblies, and undercarriage products. Headquartered in
West Chicago, Illinois, the
company globally produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets. For more
information, visit www.titan-intl.com.
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SOURCE Titan International, Inc.