WESTPORT, Conn.--(BUSINESS WIRE)--March 14, 2001--Terex
Corporation (NYSE:TEX) today announced that it intends to issue
approximately $200,000,000 principal amount of Senior Subordinated
Notes Due 2011 and increase the availability under its existing $125
million Revolving Credit Facility maturing March 2004 to $300 million.
Terex also is negotiating an amendment to its existing bank credit
agreements to provide the Company with greater operating flexibility.
Terex intends to use the net proceeds from the Note offering to prepay
a portion of its existing term loans. The increase in the Revolving
Credit Facility will allow Terex to reduce the amount of cash balances
and total debt it has been carrying on its balance sheet.
It is intended that Terex Corporation will offer these Senior
Subordinated Notes pursuant to Rule 144A promulgated under the
Securities Act of 1933, as amended (the "Act"), and that they will not
initially be registered under the Act. Accordingly, these Senior
Subordinated Notes will not be able to be offered or sold in the
United States absent registration under the Act or an applicable
exemption from the registration requirements. This press release does
not constitute an offer to sell, or the solicitation of an offer to
buy, any securities of Terex Corporation.
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2000 revenues in excess of $2 billion.
Terex is involved in a broad range of construction, infrastructure and
mining-related capital equipment operating primarily in two segments
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Terex Earthmoving and Terex Lifting. Terex Earthmoving manufactures
and sells heavy-duty off-road trucks and high-capacity surface mining
trucks under the brand names of Terex, Unit Rig and Payhauler, large
hydraulic mining shovels under the brand name O&K, as well as loader
backhoes under the brand name Fermec. Terex entered the infrastructure
building business in 1999 with the acquisitions of Powerscreen and
Cedarapids and its recent acquisitions of Jaques and Canica-Jaques.
Terex Lifting manufactures and sells telescopic mobile cranes, lattice
boom cranes, tower cranes, aerial work platforms, utility aerial
devices, telescopic material handlers, truck mounted cranes, and
related products, under the brand names Terex, Lorain, PPM, P&H,
Franna, Marklift, Koehring, Bendini, Simon, RO, Telelect, Square
Shooter, Holland Lift, American, Italmacchine, Peiner, Comedil and
Matbro. More information on Terex can be found at www.terex.com.
--30--sds/ny*
CONTACT: |
Terex Corporation, Westport |
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Jack Lascar, Vice President, 203/222-5943 |
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www.terex.com |
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