Terex Corp. completed the previously announced redemption of the approximately $300 million principal amount outstanding of its 10 7/8-percent senior notes due 2016, effective Sept. 28. The total cash paid was $347.3 million, and included a make-whole call premium as set forth in the indenture of 12.27 percent plus accrued and unpaid interest of $35.34 per $1,000 principal amount at the redemption date. These notes were originally issued in May 2009.
As previously disclosed, during the third quarter of 2012, the company also purchased 25 percent of the principal amount outstanding of its 4 percent convertible notes. “These actions reflect our continuing focus on cash generation to improve our capital structure and financial performance,” said Phil Widman, senior vice president and chief financial officer.
HSBC Bank USA, National Association, trustee for the notes, acted as the paying agent for the company in connection with this redemption.
Terex Corp. is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing.
