WESTPORT, Conn.--(BUSINESS WIRE)--April 18, 2002--Terex
Corporation (NYSE:TEX) today announced that it has completed the sale
of 5 million shares of common stock at a price to the public of $21.75
per share with net proceeds to the Company of approximately $106
million.
The Company has granted the underwriter an option to purchase up
to an additional 750,000 shares to cover over allotments. Terex
expects the issuance and delivery of the shares to occur on April 23,
2002.
"We remain committed to growing the Company and increasing
shareholder value through internal growth, cost saving initiatives and
acquisitions," commented Ronald M. DeFeo, Terex Corporation's Chairman
and CEO. "This equity offering, the proceeds of which will be used to
repay outstanding indebtedness and for general corporate purposes
including acquisitions will improve the Company's balance sheet and
position the Company to take advantage of opportunities in the
marketplace. We were particularly encouraged with the demand and
execution of the offering which reinforces the interest in Terex."
Credit Suisse First Boston is the sole underwriter for the
offering. When available, copies of the prospectus supplement and
prospectus relating to the offering may be obtained from Credit Suisse
First Boston, Prospectus Department, Level 1B, 11 Madison Avenue, New
York, NY 10010, telephone number 212/325-2580. These documents will
also be filed with the Securities and Exchange Commission and will be
available at the SEC's Website at http: www.sec.gov.
The shares will be issued pursuant to a shelf registration
statement that was previously filed. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
shares of Terex common stock. An offering of Terex common stock will
be made only by means of prospectus. The prospectus shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2001 annual revenues in excess of $1.8
billion. Terex is involved in a broad range of construction,
infrastructure, recycling and mining-related capital equipment under
the brand names of American, Amida, Atlas, Bartell, Bendini, Benford,
Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI, Coleman
Engineering, Comedil, CPV, Fermec, Finlay, Franna, Fuchs, Grayhound,
Hi-Ranger, Italmacchine, Jaques, Johnson-Ross, Koehring, Lectra Haul,
Load King, Lorain, Marklift, Matbro, Morrison, Muller, O&K, Payhauler,
Peiner, P&H, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff,
Simplicity, Square Shooter, Telelect, Terex, and Unit Rig. More
information on Terex can be found at www.terex.com.
CONTACT: |
For Investor Relations, Westport |
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Investor Relations |
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Kevin O'Reilly, 203/222-5943 |
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