WESTPORT, Conn.--(BUSINESS WIRE)--Nov. 26, 2012--
Terex Corporation (NYSE: TEX) today announced that it has completed the
issuance of $850,000,000 principal amount of 6.0% senior notes due 2021.
Terex also announced the initial results of its previously announced
tender offer for its 8% senior subordinated notes due 2017. Pursuant to
the terms of the tender offer, the consent offer expired at 5:00 p.m.,
New York City time, on November 21, 2012. Based on final information
provided to the Company by Global Bondholder Services, the Depositary
for the 8% Notes, approximately $680 million in aggregate principal
amount of the 8% Notes were validly tendered and accepted for purchase
by the Company. As part of the tender offer, Terex also received the
requisite consents from the holders of the 8% Notes for certain proposed
amendments that would eliminate or modify certain covenants and events
of default as well as other provisions contained in the indenture
governing the 8% Notes. Holders who validly tendered their notes will
receive $1,043.75 per $1,000 principal amount of such notes plus accrued
and unpaid interest thereon up to but not including the date of payment
on November 26, 2012. Holders of the 8% Notes who validly tender their
notes after 5:00 p.m., New York City time, on November 21, 2012 and
prior to 11:59 p.m., New York City time, on December 6, 2012, unless
extended or earlier terminated by Terex in its sole discretion (the
“Expiration Time”), will be eligible to receive $1,013.75 per $1,000
principal amount of their 8% Notes on the final settlement date, which
will occur promptly following the Expiration Time and is expected to be
December 7, 2012. Accrued interest up to, but not including, the
applicable payment date of the 8% Notes will be paid in cash on all
validly tendered (and not validly withdrawn) and accepted 8 % Notes.
Terex also announced today it will redeem all of the 8% Notes that
remain outstanding following completion of the tender offer, effective
December 26, 2012. As set forth in the indenture for the 8% Notes, Terex
will pay holders 104% percent of the principal amount plus accrued and
unpaid interest up to the redemption date.
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.
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 reporting in five
business segments: Aerial Work Platforms, Construction, Cranes, Material
Handling & Port Solutions and Materials Processing. Terex manufactures a
broad range of equipment for use in various industries, including the
construction, infrastructure, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility industries. Terex
offers 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.
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com