WESTPORT, Conn.--(BUSINESS WIRE)--May. 29, 2009--
Terex Corporation (NYSE: TEX) today announced that it priced
approximately $600 million in new financing, not including underwriting
discounts and commissions or other offering expenses. Details of the
previously announced public offerings are:
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$300 million principal amount of 10.875% Senior Notes due 2016 at an
issue price of 97.633%.
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11 million shares of common stock, priced at $13.00 per share to the
public. Terex has granted the underwriters an option to purchase up to
an additional 1.65 million shares of common stock to cover any
over-allotments.
-
$150 million principal amount of 4.00% Convertible Senior Subordinated
Notes due 2015. In certain circumstances and during certain periods,
the Convertible Senior Subordinated Notes will be convertible at an
initial conversion rate of 61.5385 shares of common stock per $1,000
principal amount of convertible notes, equivalent to an initial
conversion price of approximately $16.25 per share of common stock,
subject to adjustment in some events. Upon conversion, Terex will
deliver cash up to the aggregate principal amount of the Convertible
Senior Subordinated Notes to be converted and shares of Terex common
stock in respect of the remainder, if any, of Terex’s convertible
obligation in excess of the aggregate principal amount of the
Convertible Senior Subordinated Notes being converted. Terex has
granted the underwriters an option to purchase up to an additional
$22.5 million principal amount of Convertible Notes on the same terms
to cover any over-allotments.
The public offerings are expected to close on June 3, 2009, subject to
customary closing conditions. Credit Suisse, UBS Investment Bank and
Citi are acting as joint book-running managers for the offerings. Terex
intends to use the net proceeds from the offerings to pay down certain
outstanding amounts under its senior credit facility and for general
corporate purposes.
Terex is offering and selling 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 supplements and accompanying base
prospectus related to these offerings 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 Avenue, New York, NY 10171 (tel:877-827-6444); 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. The securities being offered have
not been approved or disapproved by any regulatory authority, nor has
any such authority passed upon the adequacy of the registration
statement, the prospectus contained therein or the prospectus
supplements.
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 press release. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this press release 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 www.terex.com.
Source: Terex Corporation
Terex Corporation
Tom Gelston
Vice President, Investor
Relations
Phone: 203-222-5943
Email: [email protected]
or
Kurt
Goddard
Manager, Investor Relations
Phone: 203-222-6160
Email:
[email protected]