07.11.2006

JLG launches debt retirement

JLG has launched its offer to buy back all outstanding 2008 Senior Notes and 2012 Subordinated Notes.

Holders of the Notes are being solicited to provide consent to eliminate most of the restrictive covenants on the Notes so that they can be retired before the maturity dates.

JLG is making the offers as part of its acquisition agreement with Oshkosh which include the retirement of most of JLG’s debt in favour of a new $3.5 billion line of credit raised by Oshkosh to buy the business.
Seek Oshkosh buys JLG
The consent solicitations will expire at 5:00 p.m., New York City time, on November 20, 2006, and the offers will expire on December 5, 2006. JLG will pay a $30 per $1,000 consent fee in addition to the interest and premiums.

Holders who validly tender their Notes after the Consent Deadline and before the expiration of the offers will not receive the consent payment.