Terex Corp. has completed a re-pricing of its term loans that is expected to reduce its cash interest costs by about $5 million annually. The amendment to the credit agreement also provides greater flexibility for the company in financing equipment sales.
“The strong credit market and our improved credit profile have enabled us to reduce our cost of debt,” said senior vice president and chief financial officer Kevin Bradley. “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.”
Terex is based in Westport, Conn.
