| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Terex Corp. > News item |
Terex firms discounts on U.S. and euro first-lien term loans at 99¾
By Sara Rosenberg
New York, Aug. 7 – Terex Corp. finalized the original issue discount on its $230 million seven-year first-lien covenant-light term loan and its €200 million seven-year first-lien covenant-light term loan at 99¾, the tight end of the 99½ to 99¾ talk, according to a market source.
As before, the U.S. term loan is priced at Libor plus 275 basis points with a 0.75% Libor floor, the euro term loan is priced at Euribor plus 325 bps with a 0.75% floor, and both tranches have 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.
Allocations are expected on Friday, the source added.
Terex is a Westport, Conn.-based diversified equipment manufacturer.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.