Titan International completed an amendment to its domestic credit facility, specifically amending and extending the credit and security agreement dated as of Feb. 17, 2017, with agent BMO Harris Bank and other financial institutions with respect to a $125 million revolving credit facility.

The amended credit facility was extended for one year, with the new maturity occurring on Feb. 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 original agreement.

“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,” David Martin, senior vice president and CFO of Titan International, said. “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.”