Terex Completes Consent Solicitation

June 11, 2010
Terex Corp. last week successfully completed the consent solicitation relating to its 8-percent senior subordinated notes due 2017.

Terex Corp. last week successfully completed the consent solicitation relating to its 8-percent senior subordinated notes due 2017.

Launched on May 24, the purpose of the consent solicitation was to obtain the necessary 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 consent solicitation expired June 4, at 5 p.m., New York City time.

As of the expiration time, the company had received the consent of holders representing a majority in aggregate principal amount of the notes outstanding. Therefore, the waiver sought by the company was approved.

The company intends to settle the consent solicitation and execute a waiver agreement as promptly as possible upon receipt of instructions from the information and tabulation agent.

Credit Suisse Securities LLC acted as solicitation agent in connection with the consent solicitation and Global Bondholder Services Corp. acted as information agent.

Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing.