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News & Insights

Terex Corporation’s $2.8 Billion of Credit Facilities and High‑Yield Notes in Connection with its Acquisition of Dover Corporation’s Environmental Solutions Group

October 17, 2024

Cravath represented the lead arrangers in connection with $2.05 billion of senior secured credit facilities made available to Terex Corporation in connection with its acquisition of Dover Corporation’s Environmental Solutions Group. The credit facilities consisted of a $1.25 billion term loan “B” facility and a $800 million revolving credit facility. Cravath also represented the initial purchasers in connection with a related $750 million high‑yield senior notes offering by Terex Corporation under Rule 144A and Reg S. The transactions closed on October 8, 2024.

Terex Corporation is a leading global manufacturer of aerial work platforms and materials processing machinery.

The Cravath team included partners Joseph D. Zavaglia, Matthew M. Kelly, Douglas C. Dolan and Kelly M. Smercina, of counsel Sarah F. Rosen and associates Nadia T. Odai-Afotey, Ori Oren, Danielle N. Walling, Steven T. Marzagalli, Kiyon Hahm and David M. Bales on capital markets and banking matters; associate Celine Li on executive compensation and benefits matters; partner Andrew T. Davis and associate Eduardo D. Jacobo on tax matters; partner Matthew Morreale and associate Star S. Gulant on environmental matters; and practice area attorneys Brian M. Budnick and Lauren Piechocki on real estate matters. Benjamin Meyer also worked on capital markets matters.

Related Practices & Industries

  • Corporate
  • Banking and Credit
  • Capital Markets
  • Executive Compensation and Benefits
  • Tax
  • Environmental
  • Industrials and Chemicals

People

Photo
Name
Joseph D. Zavaglia
Title
Corporate
Title
Partner
Email
jzavaglia@cravath.com
Phone
+1-212-474-1724
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    Education

    • J.D., 2004, Brooklyn Law School
      Valedictorian, summa cum laude
    • B.B.A., 2001, College of Insurance
      cum laude

    Admitted In

    • New York
    Photo
    Name
    Matthew M. Kelly
    Title
    Corporate
    Title
    Partner
    Email
    mkelly@cravath.com
    Phone
    +1-212-474-1318
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      Education

      • J.D., 2013, New York University School of Law
        John Norton Pomeroy Scholar; Benjamin Butler Scholar; Order of the Coif, magna cum laude
      • A.B., 2006, Dartmouth College
        cum laude

      Admitted In

      • New York
      Photo
      Name
      Douglas Dolan
      Title
      Corporate
      Title
      Partner
      Email
      ddolan@cravath.com
      Phone
      +1-212-474-1310
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        Education

        • J.D., 2014, New York University School of Law
          magna cum laude
        • B.A., 2011, Cornell University

        Admitted In

        • New York
        Photo
        Name
        Kelly M. Smercina
        Title
        Corporate
        Title
        Partner
        Email
        ksmercina@cravath.com
        Phone
        +1-212-474-1133
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          Education

          • J.D., 2014, University of Michigan Law School
            Order of the Coif, summa cum laude
          • B.A., 2011, University of Notre Dame
            Phi Beta Kappa, summa cum laude

          Admitted In

          • New York
          Name
          Sarah F. Rosen
          Title
          Corporate
          Title
          Partner
          Email
          srosen@cravath.com
          Phone
          +1-212-474-1750
          vCard
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            Education

            • J.D., 2005, Columbia Law School
              Harlan Fiske Stone Scholar
            • B.A., 2002, New York University
              magna cum laude

            Admitted In

            • New York
            Photo
            Name
            Andrew T. Davis
            Title
            Tax
            Title
            Partner
            Email
            adavis@cravath.com
            Phone
            +1-212-474-1272
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              Education

              • LL.M., 2020, New York University School of Law
              • J.D., 2014, Stanford Law School
              • A.B., 2010, Princeton University

              Admitted In

              • New York
              Photo
              Name
              Matthew Morreale
              Title
              Corporate
              Title
              Partner
              Email
              mmorreale@cravath.com
              Phone
              +1-212-474-1534
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                Education

                • J.D., 1997, Columbia Law School
                  Harlan Fiske Stone Scholar
                • M.S., 1994, University of Pennsylvania
                • B.A., 1990, University of Pennsylvania
                • B.A.S., 1990, University of Pennsylvania

                Admitted In

                • New York
                Photo
                Name
                Brian M. Budnick
                Title
                Corporate
                Title
                Practice Area Attorney
                Email
                bbudnick@cravath.com
                Phone
                +1-212-474-1914
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                  Education

                  • J.D., 2011, Benjamin N. Cardozo School of Law
                    cum laude
                  • B.A., 2006, University of Virginia

                  Admitted In

                  • New York
                  Name
                  Lauren Piechocki
                  Title
                  Corporate
                  Title
                  Practice Area Attorney
                  Email
                  lpiechocki@cravath.com
                  Phone
                  +1-212-474-1875
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                    Education

                    • J.D., 2012, Hofstra University School of Law
                    • B.A., 2005, Syracuse University
                      Dean's Scholar Maxwell Citizen Education Conference Scholar, cum laude

                    Admitted In

                    • New York

                    Related News & Insights

                    Deals & Cases

                    July 22, 2024

                    Arrangement of Financing for the $2 Billion Acquisition of Dover Corporation’s Environmental Solutions Group by Terex

                    On July 22, 2024, Terex Corporation, a global manufacturer of materials processing machinery and aerial work platforms, announced it has signed a definitive agreement to acquire Dover Corporation’s Environmental Solutions Group, in a $2.0 billion all‑cash transaction. Cravath is representing the lead arranger and bookrunner of committed debt financing in connection with the transaction.

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