Daily News: February 3, 2017

Credit Suisse Agents New $850MM Facility for Terex


Terex refinanced its existing senior secured credit facility with a new $850 million senior secured credit facility comprised of a $450 million revolving line of credit and a $400 million term loan. The new facility provides lower borrowing rates for the term loan and extends the maturity dates for the revolving line of credit and the term loan.

According to a related 8-K filing, Credit Suisse, Cayman Islands Branch served as administrative agent and collateral agent. The joint bookrunners were Credit Suisse Securities (USA), Barclays Bank, Commerzbank, Credit Agricole, Deutsche Bank Securities, HSBC Securities and Morgan Stanley Senior Funding.

The new credit agreement will mature on January 31, 2024. The agreement allows unlimited incremental commitments, which may be extended at the option of the existing or new lenders and can be in the form of revolving credit commitments, term loan commitments, or a combination of both, with incremental amounts in excess of $300 million available as long as the company satisfies a senior secured leverage ratio contained in the agreement.

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