Terex Corporation
08/07/2024 | Press release | Distributed by Public on 08/07/2024 07:54
Material Agreement Form 8 K
Item 1.01. Entry Into a Material Definitive Agreement.
As previously disclosed, on July 21, 2024, Terex Corporation ("Terex" or the "Company") entered into a Commitment Letter (the "Original Commitment Letter") with UBS Securities LLC ("UBS Securities") and UBS AG, Stamford Branch ("UBS AG" and, together with UBS Securities and their respective affiliates, "UBS") in which UBS committed to provide Terex with an aggregate principal amount of up to $1,545 million (the "Original Commitment") in connection with the Company's agreement to acquire the subsidiaries of Dover that own and operate Dover's Environmental Solutions Group (the "Transaction"). The Transaction, which is subject to regulatory clearance and other customary closing conditions, is targeted to close in the second half of 2024.
On August 2, 2024 the Company, UBS, Bank of America, N.A., BofA Securities, Inc., Barclays Bank PLC, JPMorgan Chase Bank, N.A., BNP PARIBAS, BNP Paribas Securities Corp., HSBC Bank USA, National Association, HSBC Securities (USA) Inc., HSBC UK Bank PLC, Mizhuho Bank, Ltd. and Santander Bank, N.A. entered into an Amended and Restated Commitment Letter that amended and restated the Original Commitment Letter in its entirety and, among other things, provides the Company with (i) the Original Commitment and (ii) senior secured incremental revolving loan commitments in an aggregate amount of $800 million (an increase from the current level of $600 million) which new revolving credit facility will replace the existing revolving credit facility at the closing of the Transaction and will terminate on the fifth anniversary of the closing of the Transaction.