Oshkosh Corporation (NYSE: OSK) today announced that it successfully
completed its previously announced private offering of $250 million
aggregate principal amount of senior notes due 2025 pursuant to Rule
144A and Regulation S under the Securities Act of 1933. The senior notes
due 2025 were issued at par with an interest rate of 5.375%.
The Company received approximately $245.5 million in net proceeds from
the sale of the notes, after deducting the initial purchasers’ discounts
and commissions and estimated expenses of the offering payable by the
Company. The Company intends to use the entire net proceeds from the
sale of the notes, together with available cash, to redeem all of the
Company’s outstanding $250 million aggregate principal amount of 8½%
senior notes due 2020 on March 2, 2015.
The notes have not been registered under the Securities Act of 1933 or
the securities laws of any state and may not be offered or sold in the
United States absent registration or an exemption from the registration
requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes, nor shall there be any sale
of the notes in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under
the securities laws of any such jurisdiction. This press release is not
a notice of redemption of the 2020 notes.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of
a broad range of access equipment, commercial, fire & emergency,
military and specialty vehicles and vehicle bodies. Oshkosh Corporation
manufactures, distributes and services products under the brands of
Oshkosh®, JLG®, Pierce®, McNeilus®, Jerr-Dan®, Frontline™, CON-E-CO®,
London® and IMT®. Oshkosh products are valued worldwide by rental
companies, concrete placement and refuse businesses, fire & emergency
departments, municipal and airport services and defense forces, where
high quality, superior performance, rugged reliability and long-term
value are paramount.
®, TM All brand names referred to in this news release are trademarks of
Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press release contains statements that the Company believes to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact, including, without limitation, statements
regarding the Company’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures, debt
levels and cash flows, and plans and objectives of management for future
operations, are forward-looking statements. When used in this press
release, words such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “should,” “project” or “plan” or the negative
thereof or variations thereon or similar terminology are generally
intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to
risks, uncertainties, assumptions and other factors, some of which are
beyond the Company’s control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. These factors include the cyclical nature of the Company’s
access equipment, commercial and fire & emergency markets, which are
particularly impacted by the strength of U.S. and European economies;
the strength of emerging market growth and projected adoption rates of
work at height machinery; the expected level and timing of U.S.
Department of Defense (“DoD”) and international defense customer
procurement of products and services and funding thereof; risks related
to reductions in government expenditures in light of U.S. defense budget
pressures, sequestration and an uncertain DoD tactical wheeled vehicle
strategy, including the Company’s ability to successfully manage the
cost reductions required as a result of lower customer orders in the
defense segment; the Company’s ability to win a U.S. Joint Light
Tactical Vehicle production contract award and international defense
contract awards; the Company’s ability to increase prices to raise
margins or offset higher input costs; increasing commodity and other raw
material costs, particularly in a sustained economic recovery; risks
related to facilities expansion, consolidation and alignment, including
the amounts of related costs and charges and that anticipated cost
savings may not be achieved; global economic uncertainty, which could
lead to additional impairment charges related to many of the Company’s
intangible assets and/or a slower recovery in the Company’s cyclical
businesses than Company or equity market expectations; risks related to
the collectability of receivables, particularly for those businesses
with exposure to construction markets; the cost of any warranty
campaigns related to the Company’s products; risks related to production
or shipment delays arising from quality or production issues; risks
associated with international operations and sales, including foreign
currency fluctuations and compliance with the Foreign Corrupt Practices
Act; the Company’s ability to comply with complex laws and regulations
applicable to U.S. government contractors; the impact of severe weather
or natural disasters that may affect the Company, its suppliers or its
customers; cyber security risks and costs of defending against,
mitigating and responding to a data security breach; and risks related
to the Company’s ability to successfully execute on its strategic road
map and meet its long-term financial goals. Additional information
concerning these and other factors is contained in the Company’s filings
with the Securities and Exchange Commission, including the Form 8-K
filed on January 27, 2015. All forward-looking statements speak only as
of the date of this press release. The Company assumes no obligation,
and disclaims any obligation, to update information contained in this
press release.
Copyright Business Wire 2015