Terex Announces Completion of New Senior Secured Credit Facility
August 13 2014 - 2:25PM
Business Wire
Terex Corporation (NYSE: TEX) today announced that it has
refinanced its existing senior secured credit facility with a new
$1.1 billion senior secured credit facility. The new facility is
comprised of a revolving line of credit of $600 million, a $230
million term loan and a €200 million term loan.
The new facility increases the size of the Company’s revolving
line of credit from $500 million to $600 million. It also extends
the maturity date for the Company’s revolving line of credit from
2016 to 2019 and the maturity date for the term loans from 2017 to
2021. Additionally, the new facility provides lower borrowing rates
under the revolving line of credit and affords greater flexibility
for the Company in a number of areas.
Kevin Bradley, Senior Vice President and Chief Financial Officer
commented, “Lowering the cost of our revolver borrowings by
approximately 300 basis points, increasing our liquidity, enhancing
our operating flexibility and extending the maturity of our
revolving and term facilities are significant milestones as we
drive financial efficiency across our Company.”
Forward Looking Statements
This press release contains forward-looking information based on
the current expectations of Terex Corporation. Because
forward-looking statements involve risks and uncertainties, actual
results could differ materially. Such risks and uncertainties, many
of which are beyond the control of Terex, include those factors
that are more specifically set forth in the public filings of Terex
with the Securities and Exchange Commission. Actual events or the
actual future results of Terex may differ materially from any
forward looking statement due to those and other risks,
uncertainties and significant factors. The forward-looking
statements speak only as of the date of this press release. Terex
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement
included in this press release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
About Terex
Terex Corporation is a lifting and material handling solutions
company reporting in five business segments: Aerial Work Platforms,
Construction, Cranes, Material Handling & Port Solutions and
Materials Processing. Terex manufactures a broad range of equipment
for use in various industries, including the construction,
infrastructure, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex offers
financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
Terex CorporationTom GelstonVice President, Investor
RelationsPhone: (203) 222-5943Email: thomas.gelston@terex.com
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