WESTPORT, Conn.--(BUSINESS WIRE)--Feb. 25, 2009--
Terex Corporation (NYSE:TEX) announced today that it has entered into an
amendment of its existing credit agreement to ease the fixed charge
coverage ratio covenant during 2009 and the first quarter of 2010. As
previously disclosed, the Company sought the amendment from its bank
group because it anticipated a risk of not complying with this covenant
as early as the end of the first quarter of 2009.
Phil Widman, Terex Senior Vice President and Chief Financial Officer,
stated, “We are pleased with the support demonstrated by our bank group
regarding the amendment to our credit agreement. We believe the
amendment helps to address the short-term concern with our fixed charge
coverage ratio covenant and provides the flexibility needed to manage
the Company during these challenging times.”
Additional information concerning the amendment to the credit agreement,
including the entire amendment, can be found under the Company’s related
Form 8-K filing with the Securities and Exchange Commission.
Safe Harbor Statement
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. Actual events or the actual future results of Terex may
differ materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this presentation. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this presentation to reflect any changes in expectations with regard
thereto or any changes in events, conditions, or circumstances on which
any such statement is based.
Terex Corporation is a diversified global manufacturer with 2008 net
sales of $9.9 billion. As of January 1, 2009, Terex now operates in four
business segments: Terex Aerial Work Platforms, Terex Construction,
Terex Cranes, and Terex Materials Processing & Mining. Terex
manufactures a broad range of equipment for use in various industries,
including the construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining and utility industries. Terex offers
a complete line of financial products and services to assist in the
acquisition of Terex equipment through Terex Financial Services. More
information on Terex can be found at www.terex.com.
Source: Terex Corporation
Terex Corporation
Laura Kiernan, 203-222-5943
Director,
Investor Relations
laura.kiernan@terex.com
or
Kurt
Goddard, 203-222-6160
Manager, Investor Relations
kurt.goddard@terex.com
or
Mike
Bazinet, 203-222-6113
Director, Corporate Communications
michael.bazinet@terex.com