MILWAUKEE, Nov. 7 /PRNewswire-FirstCall/ — Joy Global Inc. (NASDAQ:JOYG) announced today that it has priced an offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933 of $250 million principal amount of 6.00% senior notes due 2016 and $150 million principal amount of 6.625% senior notes due 2036. The net proceeds of the notes offering will be used for repayment of amounts drawn under the company’s credit facility, general corporate purposes, and to finance repurchases of Joy Global’s common stock. The transaction is expected to close on November 10, 2006.
The Notes are investment grade rated Baa3 by Moody’s and BBB- by Standard & Poors.
Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.
The Notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws. The Notes may only be offered or sold to qualified institutional buyers under an exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended, and pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.
Forward-Looking Statements
Included herein are forward-looking statements, including statements with respect to an anticipated financing. There are many factors that affect management’s views about future events and trends of the business and operations of the company, including changes to the economy and the market for the offering, all as more thoroughly described in the company’s filings with the Securities and Exchange Commission. The company does not undertake any obligation to update forward-looking information made in this release or any of its public filings.
