Terex Corp. last week announced that it is soliciting consents from the holders of its 8-percent senior subordinated notes due 2017. The company is seeking consents for a waiver of the Limitation on Sales of Assets and Subsidiary Stock covenant in the indenture governing the notes in advance of any potential obligation to make an offer to repurchase the notes with the proceeds from the company’s previously announced disposition of its mining equipment business to Bucyrus International. The terms and conditions of the consent solicitation are described in the Notice of Consent Solicitation dated May 24.
The consent solicitation is scheduled to expire at 5 p.m., New York City time, on June 4.
The company has engaged Credit Suisse Securities (USA) LLC as its solicitation agent.
Terex Corp., Westport, Conn., is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing.