Terex Corp. last week announced 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 percent of the outstanding principal amount of its term loans under the credit facility of approximately $270 million.
Westport Conn.-based Terex Corp. is a diversified global manufacturer operating in four business segments: Aerial Work Platforms, Construction, Cranes, and Materials Processing.
