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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Terex wraps loan amendment, permitting repurchase of senior notes
By Sara Rosenberg
New York, Oct. 5 - Terex Corp. completed an amendment to its credit facility, allowing for the repurchase of 10 7/8% senior notes and 7 3/8% senior subordinated notes at par, according to a news release.
The amendment also allows for the redemption or repurchase of debt if minimum liquidity is greater than $250 million.
In addition, the amendment removes the previous $200 million annual limitation on acquisitions and provides the company with added flexibility in certain other restrictive covenants.
In connection with the amendment, the company is prepaying about $270 million of its term loans with a portion of the net proceeds from the sale of its Mining business.
Terex is a Westport, Conn.-based diversified manufacturer.
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