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Konecranes Terex talks $900 million term B at Libor plus 350-375 bps
By Sara Rosenberg
New York, Nov. 30 – Konecranes Terex plc launched in New York on Monday its $900 million-equivalent U.S. dollar and euro seven-year term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.
The term loan B has 101 soft call protection for six months.
The euro piece of the term loan B can be sized at up to €400 million.
A bank meeting for European investors will take place in Europe at 7:30 a.m. ET on Tuesday.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Commerzbank, Crédit Agricole and Nordea Bank are the leads on the deal.
Commitments are due on Dec. 10.
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.
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