Terex calls $200 million 10 3/8% notes

By Laura Lutz

Des Moines, July 17 - Terex Corp. will redeem its 10 3/8% senior subordinated notes due 2011 on Aug. 14, according to a company release.

The remaining outstanding principal amount of the notes is $200 million.

Holders of the notes will receive 105.188% of the principal amount plus approximately $38.33 in interest per $1,000 principal amount.

The company will redeem the notes Aug. 14.

The notes were originally priced in March 2001.

"Completing the redemption of the 10 3/8% notes was a major component of our 2006 strategic plan and is a significant accomplishment towards reaching our goal of eliminating high cost debt from our capital structure," Phil Widman, senior vice president and chief financial officer, said in the release.

Terex is a Westport, Conn.-based manufacturer and seller of equipment primarily for construction, infrastructure and surface mining industries.

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