Terex launches $900 million credit facility

By Sara Rosenberg

New York, June 13 - Terex Corp. held a bank meeting on Tuesday to launch its proposed $900 million credit facility, according to a market source.

Credit Suisse and UBS are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $700 million revolver talked at Libor plus 125 basis points and a $200 million term loan B talked at Libor plus 175 bps, the source said.

Proceeds will be used to refinance existing debt.

Terex is a Westport, Conn.-based manufacturer and seller of equipment primarily for construction, infrastructure and surface mining industries.

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