Terex to price $600 million eight-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., March 18 – Terex Corp. plans to price a $600 million offering of senior notes due May 15, 2029 (existing ratings B2/BB-) in a Thursday drive-by following a conference call with investors, according to a market source.

Barclays is the lead bookrunner. Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Santander Investment Securities Inc. and HSBC Securities (USA) Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life eight-year notes come with three years of call protection. They feature a three-year 40% equity clawback and a 101% poison put.

The Westport, Conn.-based lifting and material handling solutions company plans to use the proceeds, in conjunction with a $325 million term loan, to refinance its existing capital structure.

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