Terex brings $850m high yield deal in euros, dollars
Terex, a New York-listed building products maker and frequent issuer in its native US, plans to raise its first euro-denominated high yield bonds. The deal follows US issues such as Warner Music's in late October, which included a euro tranche.
Terex hopes to raise $850m equivalent of May 2021 senior notes in euros and dollars. The targeted split between the currencies was announced as $530m and 250m.
The notes with expected B3/BB- ratings will be callable after four years.
The company has sizeable cash flows out of Europe, so the
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