WESTPORT, Conn.--(BUSINESS WIRE)--Jun. 3, 2009--
Terex Corporation (NYSE: TEX) today announced that it has completed its
previously announced financing, with total net proceeds to Terex of
approximately $612 million. Details of the 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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12.65 million shares of common stock, priced at $13.00 per share to
the public. As previously disclosed, Terex had granted the
underwriters an option to purchase up to an additional 1.65 million
shares of common stock to cover any over-allotments in excess of the
original 11 million shares. The underwriters elected to exercise this
option in full.
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$172.5 million principal amount of 4.00% Convertible Senior
Subordinated Notes due 2015. As previously disclosed, Terex had
granted the underwriters an option to purchase up to an additional
$22.5 million principal amount of Convertible Notes to cover any
over-allotments in excess of the original $150 million principal
amount of Convertible Notes. The underwriters elected to exercise this
option in full.
As a result of today’s completion of these capital markets transactions,
the previously announced amendment to the Terex bank credit facility is
now effective.
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 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. Terex uses its website to
make information available to its investors and the market at 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