Terex plans to focus on reducing high-cost debt

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Terex Corp. is continuing to focus on reducing its high-cost debt, according to senior vice president and chief financial officer Phil Widman's presentation at the Bear Stearns Commodities and Capital Goods conference in New York on Thursday.

The company's debt includes $200 million of 9¼% subordinated notes callable in January.

At the end of the third quarter of 2006, Terex said its debt was $792 million, down from $1.056 billion at the end of the second quarter of 2006.

Terex redeemed the final $200 million principal amount of its 10 3/8% senior subordinated notes in August and is operating under a larger credit facility, which was put in place in July and includes a $700 million revolver and $200 million of senior term debt.

Terex is a diversified manufacturer of construction, mining, utility and other equipment based in Westport, Conn.

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