Terex Corp. last week announced that it has repaid $220 million of the company’s senior term bank debt due 2017, effective immediately.
"As previously communicated, we are focused on improving earnings and generating cash flow to facilitate debt reduction,” said 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.”
Westport, Conn.-based Terex Corp. is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling and Port Solutions, and Materials Processing.
