Terex to price $500 million two-part senior subordinated notes late Wednesday or early Thursday

By Paul A. Harris

St. Louis, Nov. 6 - Terex Corp. will host an investor lunch in New York at 12:30 p.m. on Wednesday for its $500 million two-part offering of senior subordinated notes (expected Ba3/confirmed B+), according to an informed source.

The off-the-shelf offering, which is being led by left bookrunner Credit Suisse, is expected to price late Wednesday or early Thursday.

The offering is being made in tranches of eight-year notes, which come with four years of call protection, and 10-year notes, which come with five years of call protection.

Citigroup and UBS Investment Bank are joint bookrunners. Banc of America Securities LLC, ABN Amro, Morgan Stanley, HSBC, Calyon Securities and Dresdner Kleinwort are co-managers.

Proceeds will be used to repay revolver debt and for general corporate purposes, including acquisitions, capital expenditures, investments and the repurchase of the company's outstanding securities.

Terex is a Westport, Conn., manufacturer of aerial work platforms, construction equipment, cranes, as well as materials processing, mining, roadbuilding and utility products.

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