Terex gets consents for 8% notes; waiver on sales limitation approved

By Devika Patel

Knoxville, Tenn., June 7 - Terex Corp. said it completed the consent solicitation for its 8% senior subordinated notes due 2017. It received consents for a majority of the notes, and the waiver was approved.

The company said on May 24 that it was soliciting consents from holders of its 8% notes for a waiver of the limitation on sales of its assets and subsidiary stock.

The company was seeking to amend the note covenant in advance of any obligation to repurchase the notes with proceeds from the sale of its mining equipment business to Bucyrus International, Inc.

The company also announced on May 25 that it would pay a consent fee of $5 per $1,000 of notes to holders who deliver consents by 5 p.m. ET on June 4, the expiration date.

Terex is a Westport, Conn.-based diversified manufacturer.

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