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Terex outlines U.S. and euro first-lien term loan tranche sizes
By Sara Rosenberg
New York, Aug. 1 – Terex Corp. sets tranche sizes for its seven-year first-lien covenant-light term loan, with the U.S. piece sized at $230 million and the euro piece sized at €200 million, according to a market source.
Previously, the term loan was labeled as $500 million total, including an up to €200 million tranche.
As before, the U.S. term loan is talked at Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 99½ to 99¾, and the euro term loan is talked at Euribor plus 325 bps with a 0.75% floor and a discount of 99½ to 99¾.
All of the term loan debt still has 101 soft call protection for six months.
The company’s $1.1 billion credit facility (Ba1/BBB-) also includes a $600 million revolver.
Credit Suisse Securities (USA) LLC, Commerz, Goldman Sachs Bank USA and RBS Securities Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Commitments are due on Aug. 8.
Terex is a Westport, Conn.-based diversified equipment manufacturer.
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