OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK) (the “Company”), a leading manufacturer
of specialty vehicles and vehicle bodies, today announced that it priced
$300 million aggregate principal amount of senior notes due 2028 in a
registered public offering. The senior notes due 2028 were priced at
99.652% of the principal amount with an interest rate of 4.600%. The
Company expects the offering to close on May 17, 2018, subject to the
satisfaction of customary closing conditions.
The Company expects to receive approximately $296.1 million in net
proceeds from the sale of the notes, after deducting the underwriting
discount and estimated expenses of the offering payable by the Company.
The Company intends to use the net proceeds from the sale of the notes
to redeem all of the Company’s outstanding $250 million aggregate
principal amount of 5.375% senior notes due 2022 (the “2022 notes”),
which are scheduled to be redeemed on June 2, 2018, and for general
corporate purposes.
The Company has filed a registration statement (including a prospectus
and related preliminary prospectus supplement for the senior notes
offering) with the Securities and Exchange Commission (the "SEC") for
the offering to which this communication relates. Before you invest, you
should read the preliminary prospectus supplement and the accompanying
prospectus for more complete information about the Company and this
offering. You may obtain these documents free of charge by visiting the
SEC website at www.sec.gov.
Alternatively, you may obtain copies from J.P. Morgan Securities LLC, at
383 Madison Avenue, New York, New York, 10179, Attention: Investment
Grade Syndicate Desk, 3rd Floor, by telephone at 1-212-834-4533, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, at NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte NC 28255-0001, Attention:
Prospectus Department, by emailing dg.prospectus_requests@baml.com,
or Wells Fargo Securities, LLC, at 608 2nd Avenue South,
Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, by
telephone at 800-645-3751 or by emailing wfscustomerservice@wellsfargo.com.
This news release is for informational purposes only and 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 news release is not a notice of redemption of the
2022 notes.
About Oshkosh Corporation
Founded in 1917, Oshkosh Corporation is more than 100 years strong and
continues to make a difference in people’s lives. Oshkosh brings
together a unique set of integrated capabilities and diverse end markets
that, when combined with the Company’s MOVE strategy and positive
long-term outlook, illustrate why Oshkosh is a different integrated
global industrial. The Company is a leader in designing, manufacturing
and servicing a broad range of access equipment, commercial, fire &
emergency, military and specialty vehicles and vehicle bodies under the
brands of Oshkosh®, JLG®, Pierce®,
McNeilus®, Jerr-Dan®, Frontline™,
CON-E-CO®, London® and IMT®.
Today, Oshkosh Corporation is a Fortune 500 Company with manufacturing
operations on four continents. Its products are recognized around the
world for quality, durability and innovation and can be found in more
than 150 countries around the globe. As a different integrated global
industrial, Oshkosh is committed to making a difference for team
members, customers, shareholders, communities and the environment.
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This news release contains statements that the Company believes to be
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended. 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 news
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 and
construction seasons; the Company’s estimates of access equipment demand
which, among other factors, is influenced by customer historical buying
patterns and rental company fleet replacement strategies; the strength
of the U.S. dollar and its impact on Company exports, translation of
foreign sales and purchased materials; the expected level and timing of
U.S. Department of Defense (“DoD”) and international defense customer
procurement of products and services and acceptance of and funding or
payments for such products and services; risks related to reductions in
government expenditures in light of U.S. defense budget pressures,
sequestration and an uncertain DoD tactical wheeled vehicle strategy;
the impact of any DoD solicitation for competition for future contracts
to produce military vehicles; the Company’s ability to increase prices
to raise margins or offset higher input costs, including increasing
commodity and other raw material costs due to a sustained economic
recovery, tariffs or other factors; 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;
projected adoption rates of work at height machinery in emerging
markets; the impact of severe weather or natural disasters that may
affect the Company, its suppliers or its customers; 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 associated with international
operations and sales, including compliance with the Foreign Corrupt
Practices Act; risks that an escalating trade war could reduce the
competitiveness of the Company's products; the Company’s ability to
comply with complex laws and regulations applicable to U.S. government
contractors; cybersecurity risks and costs of defending against,
mitigating and responding to data security threats and breaches; 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 Company’s Annual Report on Form 10-K for the fiscal year ended
September 30, 2017. All forward-looking statements speak only as of the
date of this news release. The Company assumes no obligation, and
disclaims any obligation, to update information contained in this news
release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006809/en/
Oshkosh Corporation
Financial:
Patrick Davidson
Senior
Vice President, Investor Relations
920.966.5939
or
Media:
Bryan
Brandt
Vice President, Global Branding & Communications
920.966.5982
Source: Oshkosh Corporation