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Terex accepts tenders, consents for 85% of 8% notes due 2017
By Toni Weeks
San Diego, Nov. 26 - Terex Corp. said it accepted tenders and consents for about $680 million, or roughly 85%, of its outstanding $800 million of 8% senior subordinated notes due 2017 by the consent deadline, 5 p.m. ET on Nov. 21, according to a press release.
In connection with the tender offer, the company solicited consents to amend the notes to eliminate most of the covenants and events of default. As previously reported, the offer is conditioned on receiving tenders from holders of at least a majority of the outstanding notes, which has now been satisfied.
The total purchase price is $1,043.75 for each $1,000 principal amount of notes tendered by the consent deadline, including a consent payment of $30.00 per $1,000 of notes.
Those who tender after the consent date but before the expiration date, 11:59 p.m. ET on Dec. 6, will receive $1,013.75 per $1,000 of notes.
Holders also will receive accrued interest to but excluding the settlement date, which is Nov. 26 for early tendered notes and Dec. 7 for the remaining tenders.
The company also announced it will redeem any of the 8% notes that remain outstanding following completion of the tender offer at 104 plus accrued interest up to the redemption date, which is Dec. 26.
As previously noted, the tender offer is also conditioned on completion of financing. According to the release, Terex completed the issuance of $850 million of 6% senior notes due 2021 on Nov. 26. Proceeds will be used to fund the tender offer.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager and solicitation agent.
The issuer is a Westport, Conn.-based diversified manufacturer.
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