Doosan Bobcat

Seoul, South Korea –May 20, 2020– Doosan Bobcat, Inc. (“Doosan Bobcat”) (KRX: 241560) today announced that its direct, wholly-owned subsidiary, Clark Equipment Company (the “Issuer”), plans to conduct an offering of $300 million in aggregate principal amount of senior secured notes due 2025 (the “Notes”) in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), subject to market conditions. The Issuer intends to use the net proceeds from the offering for general corporate purposes and to pay related transaction fees and expenses.

The Notes will be guaranteed by Doosan Bobcat, which also guarantees indebtedness under the Issuer’s term loan agreement (as amended from time to time, the “Term Loan Credit Agreement”) and asset-based revolving credit agreement (as amended from time to time, the “ABL Credit Agreement”). The Notes will be secured by a first-priority lien on all of the Issuer’s and Doosan Bobcat’s assets that secure indebtedness under the Term Loan Credit Agreement on a first-priority basis, and by a second-priority lien on certain current assets of the Issuer that secure indebtedness under the ABL Credit Agreement on a first-priority basis.

The Notes will be offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction, and may not be offered or sold in the United States absent registration or an applicable 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 purchase the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Doosan Bobcat

Doosan Bobcat, founded in 1947, is a leading global manufacturer and distributor of construction equipment, related attachments and portable power equipment, focusing on the compact construction equipment market with premium brands and leading market positions. Our products serve various industries, including the construction, landscaping, agriculture, oil and gas, mining and manufacturing industries. Doosan Bobcat products are marketed globally under two key brands “Bobcat” and “Doosan”.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward- looking statements, including all statements regarding the offering of the Notes. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon or comparable terminology. Where, in any forwardlooking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our control, that could cause actual outcomes and results to be materially different from those indicated in such statements.
The forward-looking statements included in this press release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.

Contacts

Doosan Bobcat, Inc.
Youngil Kang General Manager,
Investor Relations
[email protected]