Terex’s $850 million credit agreement includes $450 million revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 2 – Terex Corp.’s new credit agreement entered on Tuesday includes a five-year $450 million revolving line of credit as well as a $400 million seven-year first-lien term loan, according to an 8-K filing with the Securities and Exchange Commission.

Pricing on the revolver is Libor plus 175 basis points to 225 bps, depending on consolidated leverage ratio.

The term loan pricing is Libor plus 250 bps, as previously reported.

The term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Barclays Bank plc are the lead arrangers and are joined as bookrunners by Commerzbank, Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley Senior Funding, Inc. Credit Suisse is the administrative agent.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

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