Terex launches $200 million term loan B-1 at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 28 – Terex Corp. launched on Thursday its non-fungible $200 million incremental first-lien term loan B-1 due Jan. 31, 2024 with price talk of Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

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

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley Senior Funding Inc., Credit Agricole, Commerzbank and Barclays are the lead arrangers on the deal.

Commitments are due at noon ET on Wednesday.

Proceeds will be used to repay revolving credit facility borrowings.

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

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