Titan International entered into a credit and security agreement with respect to a new $75 million revolving credit facility with BMO Harris Bank as administrative agent for the syndicate of lenders.

The new credit facility is collateralized by accounts receivable and inventory of certain of the company’s domestic subsidiaries and includes a maturity of the earlier of five years or six months prior to maturity of the company’s 6.875% senior secured notes due in October 2020.

This credit facility replaces Titan’s $150 million revolving credit facility which was previously scheduled to terminate in December 2017.

Titan International is a holding company that owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer applications, including Titan and Goodyear Farm Tire.