WESTPORT, Conn.--(BUSINESS WIRE)--Jan. 4, 2017--
Terex Corporation (NYSE:TEX) today announced that it has given notice
that it will redeem $300 million of the outstanding $850 million
principal amount of its 6% Senior Notes due 2021 at a redemption price
of 103.000% of principal amount, plus accrued and unpaid interest to the
redemption date. The date for redemption of the 6% Senior Notes has been
set for February 3, 2017.
Terex Corporation further announced that it intends to retire all $300 million of its 6.5% Senior Notes due 2020 outstanding on April 3, 2017 at a redemption price of 101.625%. Terex may take other actions with respect to the 6.5% Senior Notes, including purchasing notes through open market or privately negotiated transactions or otherwise.
John L. Garrison, Jr., President and Chief Executive Officer commented,
“The announcement today of our intention to redeem $300 million of our
6% Senior Notes as well as the intent to retire all of our 6.5% Senior
Notes is consistent with our previously stated intention to reduce our
total debt and improve our balance sheet.”
This press release does not constitute a notice of redemption of any
securities and it is not an offer to sell or a solicitation of an offer
to buy any securities.
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 its investors and the market.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170104006526/en/
Source: Terex Corporation
Terex Corporation
Brian J. Henry, 203-222-5954
Senior Vice
President
Business Development & Investor Relations
brian.henry@terex.com