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Terex trims spread on $400 million term loan to Libor plus 250 bps
By Sara Rosenberg
New York, Jan. 26 – Terex Corp. lowered pricing on its $400 million seven-year covenant-light first-lien term loan (BBB-) to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.
Also, the original issue discount on the term loan was changed to 99.75 from 99.5, the source said.
The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
Commitments were due at 5 p.m. ET on Thursday, the source added.
Terex is a Westport, Conn.-based lifting and material handling solutions company.
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