Caterpillar to Exchanges Debentures and Senior Notes for New Debentures

Date : 07/27/2012 @ 10:33AM
Source : Dow Jones News
Stock : Caterpillar, Inc. (CAT)
Quote : 106.59  0.0 (0.00%) @ 6:26AM

Caterpillar to Exchanges Debentures and Senior Notes for New Debentures

Caterpillar (NYSE:CAT)
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   By Saabira Chaudhuri 
 

Caterpillar Inc. (CAT) has unveiled a private offer to exchange outstanding debentures and senior notes for a combination of a new series of debentures due in 2042 and cash.

The company is making seven separate exchange offers, one for 5.2% senior notes due 2041, another for 6.05% outstanding debentures due 2036, and five more for debentures due between 2028 and 2097.

The old debentures are due between 2028 and 2097 and have principal amounts outstanding between $250 million and $1.25 billion.

The offer will expire Aug. 23.

The total exchange price will be set Aug. 10 and will include an early participation premium of $30 payable in cash only to eligible holders who validly tender and who do withdraw their old debentures prior to an Aug. 9 deadline.

Shares of Caterpillar were up 0.4% to $83.66 in recent trading. The stock is down 20% in the past three months.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

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