JLG tenders for 8¼% notes, 8 3/8% notes

By Jennifer Chiou

New York, Nov. 6 - JLG Industries, Inc. announced the start of cash tender offers for any and all of its $89.545 million of 8¼% senior notes due 2008 and $113.75 million of 8 3/8% senior subordinated notes due 2012.

The McConnellsburg, Pa., provider of access equipment and highway-speed telescopic hydraulic excavators is also soliciting consents to eliminate most of the restrictive covenants and events of default in the note indentures.

JLG said that the offers are required by the merger agreement with Oshkosh Truck Corp. and Steel Acquisition Corp.

The consent deadline is 5 p.m. ET on Nov. 20. The offers expire at midnight ET on Dec. 5.

For each $1,000 principal amount of notes, the company will calculate the payouts based on a fixed spread of 50 basis points over the bid side yield on the 4.875% Treasury due April 30, 2008 for the 8¼% notes and the 3.5% Treasury due May 31, 2007 for the 8 3/8% notes.

The payouts include a $30.00 per $1,000 principal amount consent payment for those who tender by the consent deadline.

The dealer managers are J.P. Morgan Securities Inc. (call collect 212 270-3994) and Banc of America Securities LLC (call collect 704 388-9217). The information agent is Innisfree M&A Inc. (888 750-5834 or call collect 212 750-5833).

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