Jlg (NYSE:JLG)
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JLG Industries, Inc. (NYSE:JLG) today set the pricing for its previously
announced cash tender offers and consent solicitations in respect of its
outstanding 8 1/4% Senior Notes due 2008 (the “2008
Notes”) and its 8 3/8% Senior Subordinated
Notes due 2012 (the “2012 Notes,”
and, together with the 2008 Notes, the “Notes”).
The terms of the tender offers and consent solicitations for the Notes
are detailed in JLG’s Offer to Purchase and
Consent Solicitation Statement dated November 6, 2006.
The total consideration for the 2008 Notes was determined as of 2:00
p.m., New York City time, on November 21, 2006, assuming a payment date
of December 6, 2006 and using the yield of the 4 7/8% U.S. Treasury Note
due April 30, 2008 (the “2008 Reference
Security”) plus a fixed spread of 50 basis
points. The yield on the 2008 Reference Security, as calculated by J.P.
Morgan Securities Inc. and Banc of America Securities LLC, was 4.873%.
Accordingly, the total consideration, excluding accrued and unpaid
interest, for each $1,000 principal amount of 2008 Notes validly
tendered and not withdrawn at or prior to 5:00 p.m., New York City time,
on November 21, 2006 (the “Consent Deadline”)
is $1,038.29, which includes a consent payment of $30. The tender offer
consideration, excluding accrued and unpaid interest, for each $1,000
principal amount of 2008 Notes validly tendered after the Consent
Deadline but at or prior to midnight, New York City time, December 5,
2006 (the “Expiration Time”)
is $1,008.29, which equals the total consideration less the consent
payment.
The total consideration for the 2012 Notes was determined as of 2:00
p.m., New York City time, on November 21, 2006, assuming a payment date
of December 6, 2006 and using the yield of the 3 1/2% U.S. Treasury Note
due May 31, 2007 (the “2012 Reference Security”)
plus a fixed spread of 50 basis points. The yield on the 2012 Reference
Security, as calculated by J.P. Morgan Securities Inc. and Banc of
America Securities LLC, was 5.096%. Accordingly, the total
consideration, excluding accrued and unpaid interest, for each $1,000
principal amount of 2012 Notes validly tendered and not withdrawn at or
prior to the Consent Deadline is $1,054.84, which includes a consent
payment of $30. The tender offer consideration, excluding accrued and
unpaid interest, for each $1,000 principal amount of 2012 Notes validly
tendered after the Consent Deadline but at or before the Expiration Time
is $1,024.84, which equals the total consideration less the consent
payment.
The tender offers are scheduled to expire at midnight New York City time
on December 5, 2006, unless extended or earlier terminated by JLG.
The information agent for the offers and consent solicitations is
Innisfree M&A Incorporated. The depositary for the offers is The Bank of
New York. The dealer managers for the offers and consent solicitation
agents for the consent solicitations are J.P. Morgan Securities Inc.
((212) 270-3994, call collect) and Banc of America Securities LLC ((704)
388-9217, call collect).
The Offer to Purchase, letter of transmittal and consent and related
documents have been distributed to noteholders. Noteholders with
questions or who would like additional copies of the offer documents may
call the information agent, Innisfree M&A Incorporated, toll-free at
(888) 750- 5834. (Banks and brokers may call collect at (212) 750-5833.)
JLG Industries, Inc. is the world’s leading
producer of access equipment (aerial work platforms and telehandlers).
JLG’s diverse product portfolio encompasses
leading brands such as JLG® aerial work
platforms; JLG, SkyTrak®, Lull®
and Gradall® telehandlers; and an array of
complementary accessories that increase the versatility and efficiency
of these products for end users. JLG markets its products and services
through a multichannel approach that includes a highly trained sales
force and utilizes a broad range of marketing techniques, integrated
supply programs and a network of distributors in the industrial,
commercial, institutional and construction markets. In addition, JLG
offers world-class after-sales service and support for its customers. JLG’s
manufacturing facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.
This press release is for informational purposes only and does not
constitute an offer to buy or the solicitation of an offer to sell JLG’s
8 1/4% senior notes due 2008 or its 8 3/8% senior subordinated notes due
2012. The offers and the consent solicitations are being made
only pursuant to the offer to purchase and consent solicitation
statement, letter of transmittal and consent and related materials that
JLG has distributed to noteholders. Noteholders and investors
should read carefully the offer to purchase and consent solicitation
statement, letter of transmittal and consent and related materials
because they contain important information, including the various terms
of and conditions to, the offers and the consent solicitations. None
of JLG, Oshkosh, the dealer managers, the information agent or the
depositary makes any recommendation in connection with the offers or the
consent solicitations.
NOTE: Information contained on our website is not incorporated by
reference into this press release.
JLG Industries, Inc. (NYSE:JLG) today set the pricing for its
previously announced cash tender offers and consent solicitations in
respect of its outstanding 8 1/4% Senior Notes due 2008 (the "2008
Notes") and its 8 3/8% Senior Subordinated Notes due 2012 (the "2012
Notes," and, together with the 2008 Notes, the "Notes"). The terms of
the tender offers and consent solicitations for the Notes are detailed
in JLG's Offer to Purchase and Consent Solicitation Statement dated
November 6, 2006.
The total consideration for the 2008 Notes was determined as of
2:00 p.m., New York City time, on November 21, 2006, assuming a
payment date of December 6, 2006 and using the yield of the 4 7/8%
U.S. Treasury Note due April 30, 2008 (the "2008 Reference Security")
plus a fixed spread of 50 basis points. The yield on the 2008
Reference Security, as calculated by J.P. Morgan Securities Inc. and
Banc of America Securities LLC, was 4.873%. Accordingly, the total
consideration, excluding accrued and unpaid interest, for each $1,000
principal amount of 2008 Notes validly tendered and not withdrawn at
or prior to 5:00 p.m., New York City time, on November 21, 2006 (the
"Consent Deadline") is $1,038.29, which includes a consent payment of
$30. The tender offer consideration, excluding accrued and unpaid
interest, for each $1,000 principal amount of 2008 Notes validly
tendered after the Consent Deadline but at or prior to midnight, New
York City time, December 5, 2006 (the "Expiration Time") is $1,008.29,
which equals the total consideration less the consent payment.
The total consideration for the 2012 Notes was determined as of
2:00 p.m., New York City time, on November 21, 2006, assuming a
payment date of December 6, 2006 and using the yield of the 3 1/2%
U.S. Treasury Note due May 31, 2007 (the "2012 Reference Security")
plus a fixed spread of 50 basis points. The yield on the 2012
Reference Security, as calculated by J.P. Morgan Securities Inc. and
Banc of America Securities LLC, was 5.096%. Accordingly, the total
consideration, excluding accrued and unpaid interest, for each $1,000
principal amount of 2012 Notes validly tendered and not withdrawn at
or prior to the Consent Deadline is $1,054.84, which includes a
consent payment of $30. The tender offer consideration, excluding
accrued and unpaid interest, for each $1,000 principal amount of 2012
Notes validly tendered after the Consent Deadline but at or before the
Expiration Time is $1,024.84, which equals the total consideration
less the consent payment.
The tender offers are scheduled to expire at midnight New York
City time on December 5, 2006, unless extended or earlier terminated
by JLG.
The information agent for the offers and consent solicitations is
Innisfree M&A Incorporated. The depositary for the offers is The Bank
of New York. The dealer managers for the offers and consent
solicitation agents for the consent solicitations are J.P. Morgan
Securities Inc. ((212) 270-3994, call collect) and Banc of America
Securities LLC ((704) 388-9217, call collect).
The Offer to Purchase, letter of transmittal and consent and
related documents have been distributed to noteholders. Noteholders
with questions or who would like additional copies of the offer
documents may call the information agent, Innisfree M&A Incorporated,
toll-free at (888) 750- 5834. (Banks and brokers may call collect at
(212) 750-5833.)
JLG Industries, Inc. is the world's leading producer of access
equipment (aerial work platforms and telehandlers). JLG's diverse
product portfolio encompasses leading brands such as JLG(R) aerial
work platforms; JLG, SkyTrak(R), Lull(R) and Gradall(R) telehandlers;
and an array of complementary accessories that increase the
versatility and efficiency of these products for end users. JLG
markets its products and services through a multichannel approach that
includes a highly trained sales force and utilizes a broad range of
marketing techniques, integrated supply programs and a network of
distributors in the industrial, commercial, institutional and
construction markets. In addition, JLG offers world-class after-sales
service and support for its customers. JLG's manufacturing facilities
are located in the United States, Belgium, and France, with sales and
service operations on six continents.
This press release is for informational purposes only and does not
constitute an offer to buy or the solicitation of an offer to sell
JLG's 8 1/4% senior notes due 2008 or its 8 3/8% senior subordinated
notes due 2012. The offers and the consent solicitations are being
made only pursuant to the offer to purchase and consent solicitation
statement, letter of transmittal and consent and related materials
that JLG has distributed to noteholders. Noteholders and investors
should read carefully the offer to purchase and consent solicitation
statement, letter of transmittal and consent and related materials
because they contain important information, including the various
terms of and conditions to, the offers and the consent solicitations.
None of JLG, Oshkosh, the dealer managers, the information agent or
the depositary makes any recommendation in connection with the offers
or the consent solicitations.
NOTE: Information contained on our website is not incorporated by
reference into this press release.