WESTPORT, Conn.--(BUSINESS WIRE)--Oct. 3, 2016--
Terex Corporation (NYSE:TEX) ("Terex") announced today that it has received the requisite consents with respect to its previously announced consent solicitation from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to certain waivers from the asset sale covenants in the indentures governing the Notes (the “Proposed Waivers”).
The consent solicitation expired at 5:00 p.m., New York City time, on
September 30, 2016 (the “Expiration Time”). As of the Expiration Time,
Terex had received the requisite consents needed to approve the Proposed
Waivers to the indentures governing the Notes. These consents cannot be
revoked. The complete terms and conditions of the consent solicitation
are described in the Consent Solicitation Notice dated September 21,
2016 (the “Notice”), as modified by the Supplement dated September 26,
2016 (the “Supplement”).
Terex also announced today that it has amended its senior secured credit
facility providing the Company with relief from the asset sale covenants
in its credit facility.
Terex engaged Credit Suisse Securities (USA) LLC to act as Solicitation
Agent and Global Bondholder Services Corporation to act as Information
and Tabulation Agent for the consent solicitation. Questions regarding
the consent solicitation may be directed to Credit Suisse Securities
(USA) LLC at (800) 820-1653 (toll-free) or (212) 538-1862 (collect).
Requests for documents relating to the consent solicitation may be
directed to Global Bondholder Services Corporation at (866) 470-3800
(toll-free), (212) 430-3774 (banks and brokers), (212) 430-3775/3779
(facsimile) and (212) 430-3774 (confirmation).
This press release is for informational purposes only and the consent
solicitation was only made pursuant to the terms of the Notice, the
Supplement and the related Consent Form. The consent solicitation was
not made to, and consents were not solicited from, holders of Notes in
any jurisdiction in which it is unlawful to make such consent
solicitation or grant such consent. None of Terex, the Trustee, the
Solicitation Agent or the Information and Tabulation Agent made any
recommendation as to whether or not holders should deliver consents.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities.
Forward Looking Statements
This press release may contain forward-looking information and
statements regarding Terex and the consent solicitation. Any statements
included in this press release that address activities, events or
developments that will or may occur in the future are forward looking,
and include among others, statements regarding the Proposed Waivers.
Actual results may differ materially due to a variety of factors
including: changed market conditions, the conditions for completing the
sale of the Material Handling and Port Solutions to Konecranes Plc, the
participation of and level of participation by the holders of Notes in
the consent solicitation and other factors listed in the Notice under
“Statement Regarding Forward-Looking Statements.” Except as required by
law, Terex undertakes no obligation to update forward-looking
information if circumstances or management’s estimates or opinions
should change. Do not place undue reliance on forward-looking
information.
About Terex
Terex Corporation is a global manufacturer of lifting and material
processing products and services that deliver lifecycle solutions to
maximize customer return on investment. The Company reports in three
business segments: Aerial Work Platforms, Cranes and Materials
Processing. Terex delivers lifecycle solutions to a broad range of
industries, including the construction, infrastructure, manufacturing,
shipping, transportation, refining, energy, utility, quarrying and
mining industries. Terex offers financial products and services to
assist in the acquisition of Terex equipment through Terex Financial
Services. Terex uses its website (www.terex.com)
and its Facebook page www.facebook.com/TerexCorporation
to make information available to investors and the market.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161003005424/en/
Source: Terex Corporation
Terex Corporation
Brian Henry, 203-222-5954
Senior Vice
President
Business Development and Investor Relations
brian.henry@terex.com