Terex wraps loan amendment, permitting repurchase of senior notes

By Sara Rosenberg

New York, Oct. 5 - Terex Corp. completed an amendment to its credit facility, allowing for the repurchase of 10 7/8% senior notes and 7 3/8% senior subordinated notes at par, according to a news release.

The amendment also allows for the redemption or repurchase of debt if minimum liquidity is greater than $250 million.

In addition, the amendment removes the previous $200 million annual limitation on acquisitions and provides the company with added flexibility in certain other restrictive covenants.

In connection with the amendment, the company is prepaying about $270 million of its term loans with a portion of the net proceeds from the sale of its Mining business.

Terex is a Westport, Conn.-based diversified manufacturer.

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