Terex Corp. Completes Senior Notes Offering, New Senior Secured Credit Facility & Announces Initial Results of Cash Tender Of...
January 31 2017 - 11:13AM
Business Wire
Terex Corporation (“Terex”) (NYSE: TEX) today announced that it
has completed the issuance of $600,000,000 principal amount of
5.625% senior notes due 2025 (the “Notes”) in a private offering
that is exempt from the registration requirements of the Securities
Act of 1933, as amended.
Terex also announced that it has refinanced its existing senior
secured credit facility with a new $850 million senior secured
credit facility. The new facility is comprised of a revolving line
of credit of $450 million and a $400 million term loan. The new
facility provides lower borrowing rates for the term loan and
extends the maturity dates for the revolving line of credit and the
term loan.
Terex also announced the initial results of its previously
announced tender offer for its 6.00% senior notes due 2021 (the
“2021 Notes”). Pursuant to the terms of the tender offer, Terex’s
offer to pay an early tender payment in addition to the tender
offer consideration expired at 5:00 p.m., New York City time, on
January 30, 2017 (the “Early Tender Deadline”). Based on final
information provided to Terex by Global Bondholder Services, the
tender agent and information agent for the 2021 Notes,
approximately $377,450,000 in aggregate principal amount of the
2021 Notes were validly tendered (and not validly withdrawn) at or
prior to the Early Tender Deadline. Terex will accept the 2021
Notes validly tendered (and not validly withdrawn) at or prior to
the Early Tender Deadline on January 31, 2017 (the “Initial
Settlement Date”). Holders of the 2021 Notes who validly tendered
(and did not validly withdraw) their 2021 Notes will receive
$1,031.25 per $1,000 principal amount of their 2021 Notes on the
Initial Settlement Date.
Holders of the 2021 Notes who validly tender (and do not validly
withdraw) their 2021 Notes after the Early Tender Deadline and at
or prior to 11:59 p.m., New York City time, on February 13, 2017,
unless extended or earlier terminated by Terex in its sole
discretion (the “Expiration Time”), will be eligible to receive
$1,021.25 per $1,000 principal amount of their 2021 Notes on the
Final Settlement Date, which will occur promptly following the
Expiration Time and is expected to be February 14, 2017 (the “Final
Settlement Date”).
Holders of the 2021 Notes will also receive accrued and unpaid
interest from the last interest payment date on their 2021 Notes up
to, but not including, the applicable settlement date for all of
their 2021 Notes that Terex accepts for purchase.
Pursuant to a previously announced notice of redemption, Terex
will redeem any and all of the 2021 Notes that remain outstanding
after the Final Settlement Date on February 15, 2017 at a
redemption price of 103.000%, plus accrued and unpaid interest.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes in any jurisdiction, or
an offer to purchase, the solicitation of an offer to sell, or a
notice to redeem any of the 2021 Notes.
Forward-Looking Statements
This press release contains forward-looking information
regarding future events or Terex’s future financial performance
based on the current expectations of Terex Corporation. In
addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
About Terex
Terex Corporation is a global manufacturer of
lifting and material processing products and services that deliver
lifecycle solutions to maximize customer return on investment.
Terex reports in three business segments: Aerial Work Platforms,
Cranes and Materials Processing. Terex delivers lifecycle solutions
to a broad range of industries, including the construction,
infrastructure, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex offers
financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
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version on businesswire.com: http://www.businesswire.com/news/home/20170131005929/en/
Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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