Terex tenders, solicits consents for $800 million 8% notes due 2017

By Susanna Moon

Chicago, Nov. 7 - Terex Corp. said it began a cash tender offer and consent solicitation for its outstanding $800 million of 8% senior subordinated notes due 2017.

Terex is soliciting consents to amend the notes to eliminate most of the covenants and events of default, according to a company press release.

The total purchase price will be $1,043.75 for each $1,000 principal amount of notes tendered by the consent deadline at 5 p.m. ET on Nov. 21.

The total payment includes a consent payment of $30.00 per $1,000 of notes.

Those who tender after the consent date will receive $1,013,75 per $1,000 of notes.

The tender offer will end at 11:59 p.m. ET on Dec. 6.

Holders also will receive accrued interest to but excluding the settlement date, which will be Nov. 26 for early tendered notes and Dec. 7 for the remaining tenders.

Terex said it expects to fund the offer from new financing proceeds.

The company plans to redeem any remaining notes after the offer ends.

The offer is conditioned on receiving tenders from holders of at least a majority of the outstanding notes and completion of financing.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager and solicitation agent.

The issuer is a Westport, Conn.-based diversified manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.