Terex To Privately Place $750 Mln Of Sr. Notes

(RTTNews) - Terex Corporation (TEX), a manufacturer of lifting and material processing products, Monday announced its plan to privately offer $750 million of senior notes due 2032, to institutional investors.

Terex intends to use the proceeds from the offering, together with new term loan borrowings described below, and cash on hand, to finance its previously announced acquisition of Environmental Solutions Group (ESG) from Dover Corporation.

Concurrently with the Notes offering, Terex is also seeking to amend its existing credit agreement to increase the size of its revolving credit facilities to $800 million from $600 million and to extend their maturity to the fifth anniversary of the closing of the acquisition. The company also looks for a new term loan facility which will mature on the seventh anniversary of the closing of the acquisition. This will make its total term loans to up to $1.25 billion.