NORWALK, Conn., March 18, 2021 /PRNewswire/ -- Terex
Corporation ("Terex") (NYSE: TEX) today announced that it has
priced a private offering (the "Private Offering") of $600 million in aggregate principal amount of
5.00% senior notes due 2029 (the "Notes") at par.
Terex intends to use the net proceeds from the Private Offering,
together with the proceeds of other anticipated new debt and cash
on hand, to (i) redeem in full its 5.625% senior notes due 2025
(the "2025 Notes"), (ii) refinance all outstanding indebtedness
under its existing senior secured credit facilities (the "Credit
Facility Refinancing") and (iii) pay related premiums, fees,
discounts and expenses. There can be no assurance that Terex will
consummate the Credit Facility Refinancing on favorable terms or at
all. If the Credit Facility Refinancing is not consummated, Terex
intends to use the proceeds from this offering of the Notes,
together with cash on hand, to fund the redemption of the 2025
Notes and to pay related premiums, fees, discounts and
expenses.
The Notes and the related guarantees will be offered and sold to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the "Securities Act") and to certain non-U.S. persons outside
the United States pursuant to
Regulation S under the Securities Act. The Notes and the related
guarantees have not been, and will not be, registered under the
Securities Act, or any state securities laws, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and the rules
promulgated thereunder.
The Private Offering of the Notes and the related guarantees is
expected to close on April 1, 2021,
subject to customary closing conditions.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes or the related guarantees
in any jurisdiction, or an offer to purchase, the solicitation of
an offer to sell or a notice to redeem any 2025 Notes.
Forward Looking Statements:
This press release
contains forward-looking information regarding future events or
Terex's future financial performance based on the current
expectations of Terex. In addition, when included in this press
release, the words "may," "expects," "intends," "anticipates,"
"plans," "projects," "estimates" and the negatives thereof and
analogous or similar expressions are intended to identify
forward-looking statements. However, the absence of these words
does not mean that the statement is not forward-looking. Terex has
based these forward-looking statements on current expectations and
projections about future events. These statements are not
guarantees of future performance.
Because forward-looking statements involve risks and
uncertainties, actual results could differ materially. Such risks
and uncertainties, many of which are beyond the control of Terex,
include among others: (a) any decision by Terex not to proceed with
the proposed Private Offering and/or the Credit Facility
Refinancing, (b) potential changes in market conditions and (c)
those risks and uncertainties described under the caption "Risk
Factors" in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, filed February 12, 2020.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
About Terex:
Terex Corporation is a global
manufacturer of aerial work platforms and materials processing
machinery. Terex designs, builds, and supports products used in
construction, maintenance, manufacturing, energy, minerals and
materials management applications. Terex's products are
manufactured in North and South
America, Europe,
Australia, and Asia and sold worldwide. Terex engages with
customers through all stages of the product life cycle, from
initial specification and financing to parts and service
support.
Contact Information:
Terex Corporation
Randy Wilson
Director, Investor Relations
203-221-5415
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SOURCE Terex Corporation