WESTPORT, Conn.--(BUSINESS WIRE)--Nov. 13, 2013--
Terex Corporation (NYSE: TEX) today announced it has completed a
repricing of its term loans that is expected to reduce its cash interest
costs by approximately $5 million annually. Additionally, the amendment
to the credit agreement also provides, among other things, greater
flexibility for the Company in financing its equipment sales.
Kevin Bradley, Senior Vice President and Chief Financial Officer
commented, “The strong credit market and our improved credit profile
have enabled us to reduce our cost of debt. One of the three main
focuses of our Company is to improve our financial efficiency. We have
made very good strides in this area over the past 18 months, reducing
both the amount of debt outstanding as well as our interest rates, and
this is another step forward in those efforts.”
About Terex
Terex Corporation is a diversified global manufacturer 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, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility 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.
Source: Terex Corporation
Terex Corporation
Tom Gelston
Vice President, Investor
Relations
Phone: (203) 222-5943
Email: [email protected]