Terex to price $550 million eight-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 17 – Terex Corp. plans to price $550 million of eight-year senior notes in a drive-by sale on Tuesday, according to market sources.

Deutsche Bank Securities Inc., Barclays, Commerzbank, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, HSBC Bank and Morgan Stanley & Co. are managing the sale.

The Rule 144A and Regulation S notes come with three years of call protection.

The Westport, Conn.-based manufacturer of lifting and material processing products and services plans to use the proceeds together with cash on hand, including cash from the sale of its Material Handling & Port Solutions segment to Konecranes plc, to fund a tender offer for up to $550 million of Terex’s 6% senior notes due 2021, to fund the $300 million partial redemption of its senior notes due 2021, to repay all $300 million of its 6˝% senior notes due 2020 and for general corporate purposes.

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