WESTPORT, Conn., Sep 24, 2010 (BUSINESS WIRE) --
Terex Corporation (NYSE:TEX) announced today that it is seeking an amendment to its bank credit facility primarily to gain greater flexibility for the use of the proceeds from the sale of the Terex mining business that was concluded earlier this year.
The proposed amendment will provide the Company with added flexibility in various restrictive covenants, including the Company's ability to prepay, redeem or repurchase debt, and make acquisitions. Pursuant to the amendment, Terex would also prepay 100% of the outstanding principal amount of its term loans under the credit facility of approximately $270 million.
Terex Corporation is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy 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. Terex uses its website to make information available to its investors and the market at http://www.terex.com.
SOURCE: Terex Corporation
Terex Corporation
Mike Bazinet, 203-222-6113
Director, Corporate Communications
[email protected]
or
Tom Gelston, 203-222-5943
Vice President, Investor Relations
[email protected]