WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 31, 2017--
Terex Corporation (“Terex”) (NYSE: TEX) today announced that it has
completed the issuance of $600,000,000 principal amount of 5.625% senior
notes due 2025 (the “Notes”) in a private offering that is exempt from
the registration requirements of the Securities Act of 1933, as amended.
Terex also announced that it has refinanced its existing senior secured
credit facility with a new $850 million senior secured credit facility.
The new facility is comprised of a revolving line of credit of $450
million and a $400 million term loan. The new facility provides lower
borrowing rates for the term loan and extends the maturity dates for the
revolving line of credit and the term loan.
Terex also announced the initial results of its previously announced
tender offer for its 6.00% senior notes due 2021 (the “2021 Notes”).
Pursuant to the terms of the tender offer, Terex’s offer to pay an early
tender payment in addition to the tender offer consideration expired at
5:00 p.m., New York City time, on January 30, 2017 (the “Early Tender
Deadline”). Based on final information provided to Terex by Global
Bondholder Services, the tender agent and information agent for the 2021
Notes, approximately $377,450,000 in aggregate principal amount of the
2021 Notes were validly tendered (and not validly withdrawn) at or prior
to the Early Tender Deadline. Terex will accept the 2021 Notes validly
tendered (and not validly withdrawn) at or prior to the Early Tender
Deadline on January 31, 2017 (the “Initial Settlement Date”). Holders of
the 2021 Notes who validly tendered (and did not validly withdraw) their
2021 Notes will receive $1,031.25 per $1,000 principal amount of their
2021 Notes on the Initial Settlement Date.
Holders of the 2021 Notes who validly tender (and do not validly
withdraw) their 2021 Notes after the Early Tender Deadline and at or
prior to 11:59 p.m., New York City time, on February 13, 2017, unless
extended or earlier terminated by Terex in its sole discretion (the
“Expiration Time”), will be eligible to receive $1,021.25 per $1,000
principal amount of their 2021 Notes on the Final Settlement Date, which
will occur promptly following the Expiration Time and is expected to be
February 14, 2017 (the “Final Settlement Date”).
Holders of the 2021 Notes will also receive accrued and unpaid interest
from the last interest payment date on their 2021 Notes up to, but not
including, the applicable settlement date for all of their 2021 Notes
that Terex accepts for purchase.
Pursuant to a previously announced notice of redemption, Terex will
redeem any and all of the 2021 Notes that remain outstanding after the
Final Settlement Date on February 15, 2017 at a redemption price of
103.000%, plus accrued and unpaid interest.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes in any jurisdiction, or an
offer to purchase, the solicitation of an offer to sell, or a notice to
redeem any of the 2021 Notes.
Forward-Looking Statements
This press release contains forward-looking information regarding future
events or Terex’s future financial performance based on the current
expectations of Terex Corporation. In addition, when included in this
press release, the words “may,” “expects,” “intends,” “anticipates,”
“plans,” “projects,” “estimates” and the negatives thereof and analogous
or similar expressions are intended to identify forward-looking
statements. However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these forward-looking
statements on current expectations and projections about future events.
These statements are not guarantees of future performance.
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 release. Terex expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statement included in this 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.
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. Terex 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 its investors and the market.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170131005929/en/
Source: Terex Corporation
Terex Corporation
Brian J. Henry, 203-222-5954
Senior Vice
President
Business Development & Investor Relations
brian.henry@terex.com