Joy Global

(JOYG)

, a maker of heavy equipment for the mining industry, said Tuesday that it will issue $400 million in senior notes.

It plans to issue $250 million principal amount of 6.00% senior notes due 2016 and $150 million principal amount of 6.625% senior notes due 2036.

The company will use the net proceeds of the notes for repayment of amounts drawn under the company's credit facility, general corporate purposes, and to finance repurchases of Joy Global's common stock.

The transaction is expected to close on Friday, the Milwaukee-based company added.

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