Terex’s board of directors has authorized a share repurchase program which allows the company to purchase up to $200 million of the company’s outstanding shares. The purchase can be made through June 30, 2008 in open market transactions at prevailing prices or through privately negotiated transactions.
Terex also will redeem $200 million principal amount outstanding of 9 / percent notes due 2011. Terex will pay holders 104.6 percent of the principal amount plus accrued and unpaid interest up to the redemption date. Originally issued in December 2001, the notes being called represented $200 million of Terex’s $792 million of long-term debt as of September 30, 2006.