By Paul A. Harris
St. Louis, May 29 - Terex Corp. priced a $300 million issue of 10 7/8% seven-year senior notes (B2) at 97.633 to yield 11 3/8% early Friday morning, according to market sources.
The yield was printed at the wide end of the 11¼% area price talk. However the price came slightly rich to the 2½ points to 3 points of original issue discount price talk.
Credit Suisse, UBS Investment Bank and Citigroup Global Markets Inc. were joint bookrunners for the Securities and Exchange Commission-registered offering.
The Westport, Conn.-based construction equipment manufacturer will use the proceeds to pay down its senior credit facility and for general corporate purposes.
| Issuer: | Terex Corp.
|
| Amount: | $300 million
|
| Maturity: | June 1, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, UBS Investment Bank and Citigroup Global Markets Inc.
|
| Coupon: | 10 7/8%
|
| Price: | 97.633
|
| Yield: | 11 3/8%
|
| Call protection: | Four years
|
| Settlement date: | June 3
|
| Rating: | Moody's: B2
|
| Distribution: | SEC registered
|
| Price talk: | 11¼% area with 2½ points to 3 points OID
|
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