WESTPORT, Conn., Nov 10, 2003 (BUSINESS WIRE) -- Terex Corporation
(NYSE: TEX) today announced that it intends to issue approximately
$300,000,000 principal amount of Senior Subordinated Notes Due 2013.
Terex intends to use the net proceeds from the offering to prepay all
of the remaining $200,000,000 principal amount of its 8.875% Senior
Subordinated Notes due 2008 and to prepay $100,000,000 of its existing
bank term loans. Terex also intends to prepay an additional
$100,000,000 in principal amount of its existing bank term loans with
cash on hand.
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 2002 revenues of $2.8 billion. Terex is
involved in a broad range of construction, infrastructure, recycling
and mining-related capital equipment under the brand names of Advance,
American, American Truck, Amida, Atlas, Bartell, Bendini, Benford,
Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI, Coleman
Engineering, Comedil, CPV, Demag, Fermec, Finlay, Franna, Fuchs,
Genie, Grayhound, Hi-Ranger, Italmacchine, Jaques, Johnson-Ross,
Koehring, Load King, Lorain, Marklift, Matbro, Morrison, Muller, O&K,
Peiner, Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff, Simplicity,
Square Shooter, Tatra, Telelect, and Terex. Terex offers a complete
line of financial products and services to assist in the acquisition
of Terex equipment through Terex Financial Services. More information
on Terex can be found at www.terex.com.
SOURCE: Terex Corporation
Terex Corporation
Tom Gelston, Director, Investor Relations, 203-222-5943
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