Terex Corporation (NYSE: TEX) today announced that it has completed the issuance of $850,000,000 principal amount of 6.0% senior notes due 2021.
Terex also announced the initial results of its previously announced tender offer for its 8% senior subordinated notes due 2017. Pursuant to the terms of the tender offer, the consent offer expired at 5:00 p.m., New York City time, on November 21, 2012. Based on final information provided to the Company by Global Bondholder Services, the Depositary for the 8% Notes, approximately $680 million in aggregate principal amount of the 8% Notes were validly tendered and accepted for purchase by the Company. As part of the tender offer, Terex also received the requisite consents from the holders of the 8% Notes for certain proposed amendments that would eliminate or modify certain covenants and events of default as well as other provisions contained in the indenture governing the 8% Notes. Holders who validly tendered their notes will receive $1,043.75 per $1,000 principal amount of such notes plus accrued and unpaid interest thereon up to but not including the date of payment on November 26, 2012. Holders of the 8% Notes who validly tender their notes after 5:00 p.m., New York City time, on November 21, 2012 and prior to 11:59 p.m., New York City time, on December 6, 2012, unless extended or earlier terminated by Terex in its sole discretion (the “Expiration Time”), will be eligible to receive $1,013.75 per $1,000 principal amount of their 8% Notes on the final settlement date, which will occur promptly following the Expiration Time and is expected to be December 7, 2012. Accrued interest up to, but not including, the applicable payment date of the 8% Notes will be paid in cash on all validly tendered (and not validly withdrawn) and accepted 8 % Notes.