WESTPORT, Conn.--(BUSINESS WIRE)--May. 27, 2009--
Terex Corporation (NYSE:TEX) today announced that it is seeking
approximately $600 million in new financing. The company intends to
offer, subject to market and other conditions, $300 million in senior
notes, $150 million in senior subordinated convertible notes and 11
million shares of Terex common stock. Terex intends to use the net
proceeds from the offering to pay down certain outstanding amounts under
its senior credit facility and for general corporate purposes. Terex
intends to grant the underwriters an option to purchase up to an
additional $22.5 million in convertible notes and 1,650,000 shares of
common stock to cover over-allotments, if any.
Terex intends to offer and sell these securities under the Company's
existing shelf registration statement filed with the Securities and
Exchange Commission in July 2007 and amended on November 6, 2007. When
available, copies of the prospectus supplement and accompanying base
prospectus related to this offering may be obtained from: Credit Suisse,
Attention: Prospectus Department, One Madison Avenue, New York, NY 10010
(tel:800-221-1037); UBS Investment Bank, Attention: Prospectus
Department, 299 Park Ave., New York, NY 10171 (tel:888-827-7275); and
Citi, Brooklyn Army Terminal, 140 58th Street, 8th
Floor, Brooklyn, NY 11220 (tel:800-831-9146).
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities of Terex Corporation,
nor shall there be any sale of such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities
laws of such state or jurisdiction.
Credit Suisse, UBS Investment Bank and Citi will act as the joint
book-running managers of the offerings.
Safe Harbor Statement
This press release contains forward-looking information based on the
current expectations of Terex Corporation. Because forward-looking
statements involve risks and uncertainties, actual results could differ
materially. Actual events or the actual future results of Terex may
differ materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this presentation. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this presentation to reflect any changes in 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 with 2008 net
sales of $9.9 billion. Terex operates in four business segments: Terex
Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex
Materials Processing & Mining. Terex manufactures a broad range of
equipment for use in various industries, including the construction,
infrastructure, quarrying, surface mining, shipping, transportation,
refining and utility industries. 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 http://www.terex.com/.
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com
or
Kurt
Goddard, 203-222-6160
Manager, Investor Relations
kurt.goddard@terex.com