Company Expects New Agreement to Lower Borrowing Costs Beginning in Fiscal Fourth Quarter

Titan Machinery Inc. (NASDAQ: TITN) announced today that it has entered into a new credit agreement, arranged by Wells Fargo Securities, with a syndicate of lenders consisting of Wells Fargo Bank, Bank of America, CoBank, U.S. Bank, Bank of the West, and Bremer Bank.

The new credit agreement provides for an aggregate $225 million financing commitment by the lenders, consisting of an aggregate floorplan financing commitment of $175 million and an aggregate working capital commitment of $50 million. The floorplan facility may be used to advance up to 90% of the value of eligible new inventory plus 85% of the value of eligible used inventory. The working capital facility may be used to advance up to 80% of the Company’s eligible accounts, 85% of the value of eligible rental equipment, plus 75% of the Company’s eligible parts and attachments inventory, plus 50% of the Company’s eligible work in process inventory.

Loans under the new credit facility will carry an effective interest rate equal to LIBOR plus an applicable margin of 1.5% to 2.0% per annum, based on the Company’s consolidated leverage ratio.

In conjunction with entering into the new credit agreement, the Company repaid in full all debt outstanding under its wholesale financing agreement with GE Commercial Distribution Finance Corporation.

"We are pleased with the terms and rates of the new credit agreement, as we believe it will enable us to lower our borrowing costs beginning in the fourth quarter of this fiscal year," said Peter Christianson, the Company's President and Chief Financial Officer. "We believe our new floorplan financing and working capital facilities, along with our healthy financial condition, will provide our business with ample financial flexibility to support continued long-term profitable growth. We are fortunate to have partnered with such a solid bank group, led by the experience and resources of Wells Fargo."

The facilities will mature on October 31, 2014. The Company will be filing with the Securities and Exchange Commission a Current Report on Form 8-K, which will include additional details about the agreement.

About Titan Machinery Inc.

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly acquired locations. The Company owns and operates a network of full-service agricultural and construction equipment stores in the United States. The Titan Machinery network consists of 71 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE: CNH), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at