Terex to prepay 8 7/8% notes with new-deal proceeds

New York, Nov. 10 - Terex Corp. (B3/B) announced plans to sell $300 million of new 10-year senior subordinated notes due 2013 and said it would use part of the anticipated proceeds to prepay all of the remaining $200 million principal amount of its 8 7/8% senior subordinated notes due 2008.

Terex, a Westport, Conn.-based diversified global manufacturer of construction, infrastructure, recycling and mining-related capital equipment, said it would use the remainder of the Rule 144A new-deal proceeds to prepay $100 million of its existing bank term loans.

Terex also intends to prepay an additional $100 million in principal amount of its existing bank term loans with cash on hand.

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