Terex seeks OK on 8% notes to lift restrictions on mining parts sale

By Susanna Moon

Chicago, May 24 - Terex Corp. said it is soliciting consents from holders of its 8% senior subordinated notes due 2017 for a waiver of the limitation on sales of its assets and subsidiary stock.

The company said it would like to amend the note covenant in advance of any obligation to repurchase the notes with proceeds from the sale of its mining equipment business to Bucyrus International, Inc.

Terex is offering to pay a consent fee to holders who deliver the needed majority of consents by 5 p.m. ET on June 4, the expiration date for the consent solicitation.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the solicitation agent. Global Bondholder Services Corp. (866 873-6300 or banks and brokers 212 430-3775) is the information agent.

Terex is a Westport, Conn.-based diversified manufacturer.

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