Terex Corp. last week completed its previously announced financing, with total net proceeds to Terex of approximately $612 million. Details of the public offerings include $300 million principal amount of 10.875 percent senior notes due 2016 at an issue price of 97.633 percent, and 12.65 million shares of common stock, priced at $13.00 per share to the public.
As previously disclosed, Terex had granted the underwriters an option to purchase up to an additional 1.65 million shares of common stock to cover any over-allotments in excess of the original 11 million shares. The underwriters elected to exercise this option in full.
In addition, $172.5 million principal amount of 4.00 percent convertible senior subordinated notes due 2015. As previously disclosed, Terex had granted the underwriters an option to purchase up to an additional $22.5 million principal amount of Convertible Notes to cover any over-allotments in excess of the original $150 million principal amount of Convertible Notes. The underwriters elected to exercise this option in full.
As a result of the completion of these capital markets transactions, the previously announced amendment to the Terex bank credit facility is now effective.
Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer with 2008 net sales of $9.9 billion. Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials Processing & Mining.
