Terex launches $343 million and €113 million term loans to investors

By Sara Rosenberg

New York, Oct. 30 - Terex Corp. launched without a call on Wednesday a $343,221,505 term loan due April 2017 and a €113,474,156 term loan due April 2017, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The U.S. term loan is talked at Libor plus 300 basis points with a 0.75% Libor floor and a par offer price, and the euro term loan is talked at Euribor plus 350 bps with a 0.75% floor and a par offer price, the source said.

Both term loans have 101 soft call protection for one year.

Proceeds will be used to refinance an existing U.S. term loan that is priced at Libor plus 350 bps with a 1% Libor floor and an existing euro term loan that is priced at Euribor plus 400 bps with a 1% floor.

Commitments are due on Nov. 6, the source added.

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

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