By Paul A. Harris
Portland, Ore., Jan. 17 – Terex Corp. priced an upsized $600 million issue of eight-year senior notes (BB) at par to yield 5 5/8% on Tuesday, according to a market source.
The issue size was increased from $550 million.
The yield printed at the tight end of yield talk in the 5¾% area.
Deutsche Bank Securities Inc., Barclays, Commerzbank, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, HSBC Bank and Morgan Stanley & Co. LLC managed the sale.
The Westport, Conn.-based manufacturer of lifting and material processing products and services plans to use the proceeds together with cash on hand, including cash from the sale of its Material Handling & Port Solutions segment to Konecranes plc, to complete the tender offer for up to $550 million of Terex's 6% senior notes due 2021, to fund the $300 million partial redemption of the senior notes due 2021, repay all $300 million of its 6½% senior notes due 2020 and for general corporate purposes.
| Issuer: | Terex Corp.
|
| Amount: | $600 million, increased from $550 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Managers: | Deutsche Bank Securities Inc., Barclays, Commerzbank, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, HSBC Bank, Morgan Stanley & Co. LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Three years
|
| Trade date: | Jan. 17
|
| Rating: | S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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