Terex completed a re-pricing of its term loan that is expected to reduce its cash interest costs by approximately $1 million annually.

The company’s term loan will now bear interest at a rate equal to the reserve adjusted LIBOR plus 2.25%. Previously, the term loans outstanding were priced at LIBOR plus 2.50%.

According to a related 8-K filing, Credit Suisse served as administrative and collateral agent for the transaction.

“We are pleased to announce the re-pricing which further increases the efficiency of our recent recapitalization,” said John Sheehan, Terex CFO. “Our term loan rate will now be LIBOR + 225bps, improving by 25bps what was already the lowest rate in the company’s history.”

Terex is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment.