Oshkosh Corporation Announces Completion of Offering of $250 Million of Senior Notes
March 02 2015 - 04:45PM
Business Wire
Oshkosh Corporation (NYSE: OSK) today announced that it
successfully completed its previously announced private offering of
$250 million aggregate principal amount of senior notes due 2025
pursuant to Rule 144A and Regulation S under the Securities Act of
1933. The senior notes due 2025 were issued at par with an interest
rate of 5.375%.
The Company received approximately $245.5 million in net
proceeds from the sale of the notes, after deducting the initial
purchasers’ discounts and commissions and estimated expenses of the
offering payable by the Company. The Company intends to use the
entire net proceeds from the sale of the notes, together with
available cash, to redeem all of the Company’s outstanding $250
million aggregate principal amount of 8½% senior notes due 2020 on
March 2, 2015.
The notes have not been registered under the Securities Act of
1933 or the securities laws of any state and may not be offered or
sold in the United States absent registration or an exemption from
the registration requirements of the Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or the solicitation of an offer to buy the notes, nor
shall there be any sale of the notes in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. This press release is not a notice of redemption of
the 2020 notes.
About Oshkosh
Corporation
Oshkosh Corporation is a leading designer, manufacturer and
marketer of a broad range of access equipment, commercial, fire
& emergency, military and specialty vehicles and vehicle
bodies. Oshkosh Corporation manufactures, distributes and services
products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®,
Jerr-Dan®, Frontline™, CON-E-CO®, London® and IMT®. Oshkosh
products are valued worldwide by rental companies, concrete
placement and refuse businesses, fire & emergency departments,
municipal and airport services and defense forces, where high
quality, superior performance, rugged reliability and long-term
value are paramount.
®, TM All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking
Statements
This press release contains statements that the Company believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact, including, without
limitation, statements regarding the Company’s future financial
position, business strategy, targets, projected sales, costs,
earnings, capital expenditures, debt levels and cash flows, and
plans and objectives of management for future operations, are
forward-looking statements. When used in this press release, words
such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “should,” “project” or “plan” or the
negative thereof or variations thereon or similar terminology are
generally intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond the Company’s control, which
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
factors include the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, which are
particularly impacted by the strength of U.S. and European
economies; the strength of emerging market growth and projected
adoption rates of work at height machinery; the expected level and
timing of U.S. Department of Defense (“DoD”) and international
defense customer procurement of products and services and funding
thereof; risks related to reductions in government expenditures in
light of U.S. defense budget pressures, sequestration and an
uncertain DoD tactical wheeled vehicle strategy, including the
Company’s ability to successfully manage the cost reductions
required as a result of lower customer orders in the defense
segment; the Company’s ability to win a U.S. Joint Light Tactical
Vehicle production contract award and international defense
contract awards; the Company’s ability to increase prices to raise
margins or offset higher input costs; increasing commodity and
other raw material costs, particularly in a sustained economic
recovery; risks related to facilities expansion, consolidation and
alignment, including the amounts of related costs and charges and
that anticipated cost savings may not be achieved; global economic
uncertainty, which could lead to additional impairment charges
related to many of the Company’s intangible assets and/or a slower
recovery in the Company’s cyclical businesses than Company or
equity market expectations; risks related to the collectability of
receivables, particularly for those businesses with exposure to
construction markets; the cost of any warranty campaigns related to
the Company’s products; risks related to production or shipment
delays arising from quality or production issues; risks associated
with international operations and sales, including foreign currency
fluctuations and compliance with the Foreign Corrupt Practices Act;
the Company’s ability to comply with complex laws and regulations
applicable to U.S. government contractors; the impact of severe
weather or natural disasters that may affect the Company, its
suppliers or its customers; cyber security risks and costs of
defending against, mitigating and responding to a data security
breach; and risks related to the Company’s ability to successfully
execute on its strategic road map and meet its long-term financial
goals. Additional information concerning these and other factors is
contained in the Company’s filings with the Securities and Exchange
Commission, including the Form 8-K filed on January 27, 2015. All
forward-looking statements speak only as of the date of this press
release. The Company assumes no obligation, and disclaims any
obligation, to update information contained in this press
release.
Oshkosh CorporationFinancial:Patrick DavidsonVice President,
Investor Relations920.966.5939orMedia:John DaggettVice President,
Communications920.233.9247
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