Titan International completed an amendment to its domestic credit facility. On February 25, 2021, the Company amended and extended the Credit and Security Agreement (the Agreement), dated as of February 17, 2017 (as amended), with agent BMO Harris Bank. and other financial institutions with respect to its $125 million revolving credit facility (the Credit Facility). The amended Credit Facility was extended for one year with the new maturity occurring on February 16, 2023. The amount available to be borrowed under the amended Credit Facility was reduced to $100 million at the Company's request to better align with the current borrowing base consisting of eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. The amended Credit Facility can be expanded through an accordion provision within the Agreement by up to $50 million.  The amended Agreement otherwise has terms substantially similar to those contained in the Agreement prior to the amendment.

"Extending the domestic credit facility was important for us to secure this available capacity to support the growth we are currently seeing within our business beyond 2021," stated David Martin, Senior Vice President and Chief Financial Officer. "This transaction provides liquidity through February of 2023 and better aligns with other maturities around that time which we anticipate will provide us an opportunity to further address our needs within the capital structure at that time."