Oshkosh Corporation (NYSE: OSK), a leading innovator of
mission-critical vehicles and equipment, today announced that it
priced $300 million aggregate principal amount of senior notes due
2030 in a registered public offering. The senior notes due 2030
were priced at 99.624% of the principal amount with an interest
rate of 3.100%. The Company expects the offering to close on
February 26, 2020, subject to the satisfaction of customary closing
conditions.
The Company expects to receive approximately $295.9 million in
net proceeds from the sale of the notes, after deducting the
underwriting discount and estimated expenses of the offering
payable by the Company. The Company intends to use the net proceeds
from the sale of the notes to redeem all of the Company’s
outstanding $250 million aggregate principal amount of 5.375%
senior notes due 2025 (the “2025 notes”), which are scheduled to be
redeemed on March 12, 2020, and to pay the related redemption
premium of approximately $6.7 million. Any remaining proceeds will
be used for general corporate purposes.
The Company has filed a registration statement (including a
prospectus and related preliminary prospectus supplement for the
senior notes offering) with the Securities and Exchange Commission
(the "SEC") for the offering to which this communication relates.
Before you invest, you should read the preliminary prospectus
supplement and the accompanying prospectus for more complete
information about the Company and this offering. You may obtain
these documents free of charge by visiting the SEC website at
www.sec.gov. Alternatively, you may obtain copies from BofA
Securities, Inc., at NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department,
by telephone at 1-800-294-1322, by emailing
dg.prospectus_requests@bofa.com, J.P. Morgan Securities LLC, at 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, 3rd Floor, by telephone at 1-212-834-4533, or Wells
Fargo Securities, LLC, at 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service, by
telephone at 800-645-3751 or by emailing
wfscustomerservice@wellsfargo.com.
This news release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy the notes, nor shall there be any sale of the notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. This news release is not
a notice of redemption of the 2025 notes.
Forward-Looking
Statements
This news release contains statements that the Company believes
to be “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact, including, without
limitation, statements regarding the Company’s future financial
position, business strategy, targets, projected sales, costs,
earnings, capital expenditures, debt levels and cash flows, and
plans and objectives of management for future operations, are
forward-looking statements. When used in this news release, words
such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “should,” “project” or “plan” or the
negative thereof or variations thereon or similar terminology are
generally intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond the Company’s control, which
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
factors include the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, which are
particularly impacted by the strength of U.S. and European
economies and construction seasons; the Company’s estimates of
access equipment demand which, among other factors, is influenced
by customer historical buying patterns and rental company fleet
replacement strategies; the strength of the U.S. dollar and its
impact on Company exports, translation of foreign sales and the
cost of purchased materials; the expected level and timing of U.S.
Department of Defense (DoD) and international defense customer
procurement of products and services and acceptance of and funding
or payments for such products and services; the Company’s ability
to predict the level and timing of orders for indefinite
delivery/indefinite quantity contracts with the U.S. federal
government; risks related to reductions in government expenditures
in light of U.S. defense budget pressures and an uncertain DoD
tactical wheeled vehicle strategy; the impact of any DoD
solicitation for competition for future contracts to produce
military vehicles; risks related to facilities expansion,
consolidation and alignment, including the amounts of related costs
and charges and that anticipated cost savings may not be achieved;
projected adoption rates of work at height machinery in emerging
markets; the impact of severe weather or natural disasters that may
affect the Company, its suppliers or its customers; performance
issues with suppliers or subcontractors; risks related to the
collectability of receivables, particularly for those businesses
with exposure to construction markets; the cost of any warranty
campaigns related to the Company’s products; risks associated with
international operations and sales, including compliance with the
Foreign Corrupt Practices Act; risks that a trade war and related
tariffs could reduce the competitiveness of the Company’s products;
the Company’s ability to comply with complex laws and regulations
applicable to U.S. government contractors; cybersecurity risks and
costs of defending against, mitigating and responding to data
security threats and breaches; the Company’s ability to
successfully identify, complete and integrate acquisitions and to
realize the anticipated benefits associated with the same; and
risks related to the Company’s ability to successfully execute on
its strategic road map and meet its long-term financial goals.
Additional information concerning these and other factors is
contained in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 10-K for
the fiscal year ended September 30, 2019. All forward-looking
statements speak only as of the date of this news release. The
Company assumes no obligation, and disclaims any obligation, to
update information contained in this news release.
About Oshkosh
Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical
equipment to help everyday heroes advance communities around the
world. Headquartered in Wisconsin, Oshkosh Corporation employs more
than 15,000 team members worldwide, all united behind a common
cause: to make a difference in people’s lives. Oshkosh products can
be found in more than 150 countries under the brands of JLG®,
Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™,
Oshkosh® Airport Products, CON-E-CO® and London™.
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
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Financial: Patrick Davidson Senior Vice President, Investor
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Officer 920.502.3670
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