| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for Konecranes Terex plc > News item |
Konecranes Terex to launch $900 million term loan B in Nov. 30 week
By Sara Rosenberg
New York, Nov. 25 – Konecranes Terex plc scheduled a bank meeting in New York for 12:30 p.m. ET on Monday and a bank meeting in Europe for 7:30 a.m. ET on Tuesday to launch its $900 million-equivalent U.S. dollar and euro seven-year term loan B, according to a market source.
The euro piece of the term loan B can be sized at up to €400 million, the source said.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Commerzbank, Credit Agricole and Nordea Bank are the leads on the deal.
The term loan B is talked with a 0.75% floor and 101 soft call protection for six months. Official spread and original issue discount talk are not yet available.
Commitments are due Dec. 10, the source added.
In a recent filing with the Securities and Exchange Commission, the company had said that it expected pricing on its term loan B to be Libor plus 300 basis points with a 0.75% Libor floor, and that the euro portion could be sized at up to €450 million.
Along with the term loan, the company is planning on getting a $700 million multi-currency revolver.
Proceeds will be used to help fund the merger of Terex Corp. and Konecranes plc, and to refinance existing bank facilities at both companies as needed.
The combined company, named Konecranes Terex plc, has estimated pro forma 2014 revenues of $10 billion and estimated pro forma 2014 EBITDA of $845 million.
Upon completion of the transaction, Terex shareholders will own about 60% of the combined company and Konecranes shareholders will own around 40%.
Closing is expected in the first half of 2016, subject to approval by Terex and Konecranes shareholders, regulatory approvals and customary conditions.
Konecranes is a Hyvinkaa, Finland-based provider of lifting solutions as well as services for lifting equipment and machine tools of all makes. Terex is a Westport, Conn.-based diversified equipment 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.