XML 54 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
LOSS ON NOTE REPURCHASE
 12 Months Ended
Dec. 31, 2013
LOSS ON NOTE REPURCHASE [Abstract]  
GAIN (LOSS) ON NOTE REPURCHASE
LOSS ON SENIOR NOTE REPURCHASE

Loss on note repurchase consisted of the following (amounts in thousands):
 
2013
 
2012
 
2011
Loss on senior note repurchase
$
(22,734
)
 
$
—

 
$
—


 
In the fourth quarter of 2013, Titan satisfied and discharged the indenture relating to the 7.875% senior secured notes due October 2017 (senior secured notes due 2017) by completing a tender offer settlement and redemption of all of its outstanding $525 million principal amount of the notes, including $325 million issued in 2013. In connection with this tender offer and redemption, the Company recorded expenses of $22.7 million. These expenses were related to early tender premium of $25.0 million, redemption premium of $8.1 million, unamortized deferred financing fees of $7.3 million, and other fees of $0.2 million, offset by unamortized premium on the notes of $(17.9) million.