WESTPORT, Conn.--(BUSINESS WIRE)--May. 16, 2013--
Terex Corporation (NYSE: TEX) today announced that it has repaid $220
million of the Company’s senior term bank debt due 2017, effective today.
“As previously communicated, we are focused on improving earnings and
generating cash flow to facilitate debt reduction,” says Ron DeFeo,
Terex Chairman and CEO. “This latest pay down of debt demonstrates our
continued commitment to improving our Company’s capital structure. An
additional repayment of $30 million of debt will take place in July.
Combined with our prior actions in 2012, this will result in
approximately $500 million in debt reduction from the middle of 2012
through the middle of 2013. We continue to anticipate strong free cash
flow for 2013 and beyond, and will look for additional opportunities to
reduce our future interest expense and improve our overall capital
structure as we move forward.”
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)
to make information available to its investors and the market.
Additional information about Terex Corporation’s products and services
can be found on Facebook (www.facebook.com/TerexCorporation).
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.
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com