Terex to launch $399 million first-lien term loan on Tuesday

By Sara Rosenberg

New York, Aug. 7 – Terex Corp. will hold a lender call at 10 a.m. ET on Tuesday to launch a $399 million covenant-light first-lien term loan (Ba1/BBB-) due Jan. 31, 2024, according to a market source.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the leads on the deal.

Price talk on the term loan is Libor plus 225 basis points with a step-down to Libor plus 200 bps at corporate family ratings of Ba3/BB-, a 0.75% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 250 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Friday, the source added.

Current corporate family ratings are B1/BB.

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

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