WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 13, 2014--
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.
Source: Terex Corporation
Terex Corporation
Tom Gelston
Vice President, Investor
Relations
Phone: (203) 222-5943
Email: thomas.gelston@terex.com