I have my answer foer the shelf registration....nice, hopefully the new 850MM in debt is at 3-4%, TEX will save 4% in interest costs by swapping out the 800MM 8% notes......add another 20-30 cents per share baby!!!!!!! woohoo!!!!!!!!
Based on the offer Terex will lose $34.4 million in redemption costs.
However the bonds are yielded 5.5% now. So assuming they can issue bonds at the same yield. They would ave $20 M a year. So 20M saved for 5 years vs $34.4 million this year. That creates about $40 M of intrinsic value pre tax or maybe $30 M after tax.
So as I said a few days ago its not really information but just a smart play by management to create value.