WESTPORT, Conn., Sep 17, 2002 (BUSINESS WIRE) -- Terex Corporation (NYSE: TEX)
announced today that Credit Suisse First Boston and Salomon Smith Barney Inc.
are syndicating an incremental term loan for Terex in the principal amount of
$210 million under Terex's existing secured bank credit facility.
The new term loan will bear interest at the rate of Libor plus 250 basis points
and mature on December 31, 2009. The net proceeds of the incremental term loan
will be used primarily to refinance existing indebtedness of Genie Holdings,
Inc. Terex announced the acquisition of Genie, a leading global manufacturer of
aerial work platforms with 2001 revenues of $575 million, on July 19, 2002, and
expects to complete the acquisition later this month.
Safe Harbor Statement
The above contains forward-looking information based on Terex's current
expectations. Because forward-looking statements involve risks and
uncertainties, actual results could differ materially. Such risks and
uncertainties, many of which are beyond Terex's control, include among others:
Terex's business is highly cyclical and weak general economic conditions may
affect the sales of its products and its financial results; the sensitivity of
construction and mining activity to interest rates, government spending and
general economic conditions; the ability to successfully integrate acquired
businesses; the retention of key management personnel; foreign currency
fluctuations; Terex's businesses are very competitive and may be affected by
pricing, product initiatives and other actions taken by competitors; the effects
of changes in laws and regulations; Terex's business is international in nature
and is subject to changes in exchange rates between currencies, as well as
international politics; the ability of suppliers to timely supply Terex parts
and components at competitive prices; the financial condition of suppliers and
customers, and their continued access to capital; Terex's ability to timely
manufacture and deliver products to customers; Terex's substantial amount of
debt and its need to comply with restrictive covenants contained in Terex's debt
agreements; compliance with applicable environmental laws and regulations; and
other factors, risks, uncertainties more specifically set forth in Terex's
public filings with the SEC. Actual events or the actual future results of Terex
may differ materially from any forward looking statement due to those and other
risks, uncertainties and significant factors. The forward-looking statements
herein 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
Terex's expectations with regard thereto or any changes in events, conditions,
or circumstances on which any such statement is based.
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 Advance, American,
Amida, Atlas, Bartell, Bendini, Benford, Bid-Well, B.L. Pegson, Canica,
Cedarapids, Cifali, CMI, Coleman Engineering, Comedil, CPV, Demag, 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, 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: Terex Corporation, Westport
Kevin O'Reilly, 203/222-5943
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