The end of Titan Machinery (NASDAQ:TITN) appears to be rapidly approaching. The common stock of Titan Machinery has fallen from its all time high @ $32 to a new 4 year low this month at $13.30. Titan has constantly struggled to generate positive cash flow over the last 5 years and was in dire need of the $150 million convertible indenture it received in April 2012 through Wells Fargo (NYSE:WFC).
Since the original note was issued, Wells Fargo has tightened the covenants on the terms of the loan, making the bond more speculative, resulting in the indenture hitting a new all-time low yesterday @ $79.00, with a yield of 9.39%. #bearish
Date of Offering : April 18,2012
Amount of Debt: $150 million Convertible
Stock: (Stock Research)
Titan Machinery closed yesterday at $13.65 on volume of 120,358 shares. The stock has closed below $14 for the ninth consecutive session.
Titan Machinery FY2014 annual report (10K) .
- FY 2014 Net Income declined 79% from $42 million in FY 2013 to $8.8 million for FY 2014.
- April 10th announced the closing of 7 construction stores and 1 agriculture location
TITN 2 year chart vs. S&P500 (source: BigCharts )
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