Terex Corp. has refinanced its existing senior secured credit facility with a new $1.1 billion senior secured credit facility, to be comprised of a revolving line of credit of $600 million, a $230 million term loan and a €230 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 from the term loans from 2017 to 2021. 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.

“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,” said Kevin Bradley, Terex’s senior vice president and chief financial officer.

One of the world’s leading construction equipment manufacturers, Terex Corp. is based in Westport, Conn.