Terex plans to price $850 million dual-currency notes on Thursday

By Paul A. Harris

Portland, Ore., Nov. 7 - Terex has set an investor conference call for 10:30 a.m. ET Wednesday to discuss an $850 million equivalent dual-currency offering of senior notes due May 2021, according to a syndicate source.

The deal is set to price on Thursday.

Terex Corp. is targeting a $530 million tranche size for its notes, which will be registered with the Securities and Exchange Commission.

Terex International Financial Services Co. is targeting a €250 million tranche size for is Rule 144A and Regulation S for life notes.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBS Securities Inc. and UBS Investment Bank are the joint bookrunners.

The notes in both tranches become callable in four years at par plus 50% of the coupon and feature three-year 35% equity clawbacks and 101% poison puts.

The Westport, Conn.-based diversified manufacturer plans to use the proceeds to fund the tender offer for its 8% senior subordinated notes.

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