Terex launches $397 million term loan at Libor plus 200 bps

By Sara Rosenberg

New York, Feb. 20 – Terex Corp. was scheduled to hold a lender call at 3 p.m. ET on Tuesday to launch a $397 million covenant-light first-lien term loan (Ba1/BBB-) due Jan. 31, 2024 that is talked at Libor plus 200 basis points with a 0.75% Libor floor and a par issue price, 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 arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 225 bps with a 0.75% Libor floor.

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

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

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