Terex Corporation Announces Receipt of Requisite Consents for Consent Solicitation and Credit Agreement Amendment
October 03 2016 - 8:00AM
Business Wire
Terex Corporation (NYSE:TEX) ("Terex") announced today that it
has received the requisite consents with respect to its previously
announced consent solicitation from holders of its 6.00% Senior
Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020
(the “2020 Notes” and together with the 2021 Notes, the “Notes”) to
certain waivers from the asset sale covenants in the indentures
governing the Notes (the “Proposed Waivers”).
The consent solicitation expired at 5:00 p.m., New York City
time, on September 30, 2016 (the “Expiration Time”). As of the
Expiration Time, Terex had received the requisite consents needed
to approve the Proposed Waivers to the indentures governing the
Notes. These consents cannot be revoked. The complete terms and
conditions of the consent solicitation are described in the Consent
Solicitation Notice dated September 21, 2016 (the “Notice”), as
modified by the Supplement dated September 26, 2016 (the
“Supplement”).
Terex also announced today that it has amended its senior
secured credit facility providing the Company with relief from the
asset sale covenants in its credit facility.
Terex engaged Credit Suisse Securities (USA) LLC to act as
Solicitation Agent and Global Bondholder Services Corporation to
act as Information and Tabulation Agent for the consent
solicitation. Questions regarding the consent solicitation may be
directed to Credit Suisse Securities (USA) LLC at (800) 820-1653
(toll-free) or (212) 538-1862 (collect). Requests for documents
relating to the consent solicitation may be directed to Global
Bondholder Services Corporation at (866) 470-3800 (toll-free),
(212) 430-3774 (banks and brokers), (212) 430-3775/3779 (facsimile)
and (212) 430-3774 (confirmation).
This press release is for informational purposes only and the
consent solicitation was only made pursuant to the terms of the
Notice, the Supplement and the related Consent Form. The consent
solicitation was not made to, and consents were not solicited from,
holders of Notes in any jurisdiction in which it is unlawful to
make such consent solicitation or grant such consent. None of
Terex, the Trustee, the Solicitation Agent or the Information and
Tabulation Agent made any recommendation as to whether or not
holders should deliver consents.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities.
Forward Looking Statements
This press release may contain forward-looking information and
statements regarding Terex and the consent solicitation. Any
statements included in this press release that address activities,
events or developments that will or may occur in the future are
forward looking, and include among others, statements regarding the
Proposed Waivers. Actual results may differ materially due to a
variety of factors including: changed market conditions, the
conditions for completing the sale of the Material Handling and
Port Solutions to Konecranes Plc, the participation of and level of
participation by the holders of Notes in the consent solicitation
and other factors listed in the Notice under “Statement Regarding
Forward-Looking Statements.” Except as required by law, Terex
undertakes no obligation to update forward-looking information if
circumstances or management’s estimates or opinions should change.
Do not place undue reliance on forward-looking information.
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
investors and the market.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005424/en/
Terex CorporationBrian Henry, 203-222-5954Senior Vice
PresidentBusiness Development and Investor
Relationsbrian.henry@terex.com
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