Terex to launch $400 million first-lien term loan on Friday

By Sara Rosenberg

New York, Jan. 19 – Terex Corp. is set to hold a lender call at 11:30 a.m. ET on Friday to launch a $400 million seven-year covenant-light first-lien term loan that is talked at Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Expected term loan ratings are Ba1/BBB-.

Proceeds will be used to refinance existing debt.

Commitments are due at 5 p.m. ET on Jan. 26, the source added.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

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