Titan International amended and extended the credit and security agreement with respect to a $100 million revolving credit facility for which BMO Harris Bank serves as agent. 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 Titan’s domestic subsidiaries. The amended credit facility has a five-year term, with the new maturity occurring on Oct. 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 an amendment made in February and also includes other enhancements to further improve the availability within the borrowing base.

“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,” David Martin, senior vice president and CFO at Titan International, said. “We appreciate the support from our banking partners and we are pleased to have this foundation in place for the next five years.”