Terex Corp. Announces $300 Million Partial Redemption of 6% Senior Notes Due 2021 & Intention to Retire All 6.5% Senior Notes...
January 04 2017 - 4:56PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that it has given
notice that it will redeem $300 million of the outstanding $850
million principal amount of its 6% Senior Notes due 2021 at a
redemption price of 103.000% of principal amount, plus accrued and
unpaid interest to the redemption date. The date for redemption of
the 6% Senior Notes has been set for February 3, 2017.
Terex Corporation further announced that it intends to retire
all $300 million of its 6.5% Senior Notes due 2020 outstanding on
April 3, 2017 at a redemption price of 101.625%. Terex may take
other actions with respect to the 6.5% Senior Notes, including
purchasing notes through open market or privately negotiated
transactions or otherwise.
John L. Garrison, Jr., President and Chief Executive Officer
commented, “The announcement today of our intention to redeem $300
million of our 6% Senior Notes as well as the intent to retire all
of our 6.5% Senior Notes is consistent with our previously stated
intention to reduce our total debt and improve our balance
sheet.”
This press release does not constitute a notice of redemption of
any securities and it is not an offer to sell or a solicitation of
an offer to buy any securities.
About Terex:
Terex Corporation is a global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
industries. Terex offers financial products and services
to assist in the acquisition of Terex equipment
through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
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version on businesswire.com: http://www.businesswire.com/news/home/20170104006526/en/
Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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