Terex Announces Re-Pricing of Term Loan
Terex Corporation (NYSE:TEX) has successfully completed a re-pricing of its term loan, which is projected to result in annual cash interest savings of $3 million.
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Rhea-AI Summary
Terex Corporation (NYSE:TEX) has successfully completed a re-pricing of its term loan, which is projected to result in annual cash interest savings of $3 million. The company's term loan rate has been reduced by 25 basis points to SOFR+175 basis points, enhancing the efficiency of its capital structure according to CFO Jennifer Kong-Picarello.
Positive
- Expected annual cash interest savings of $3 million
- Term loan rate improved by 25 basis points
- Enhanced capital structure efficiency
Negative
- None.
Details
News Market Reaction – TEX
On Aug 13, the first trading day after this news, TEX closed 3.81% above the previous close.
Data tracked by StockTitan Argus for the Aug 13 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"We are pleased to announce the re-pricing which increases the efficiency of our capital structure," said Jennifer Kong-Picarello, Terex Senior Vice President and Chief Financial Officer. "Our term loan rate will now be S+175bps, improving by 25bps what was already an attractive rate."
About Terex
Terex Corporation is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. We design, build, and support products used in maintenance, manufacturing, energy, minerals and materials management, construction, waste and recycling, and the entertainment industry. We provide best-in-class lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in
Contact Information
Derek Everitt
VP Investor Relations
Email: InvestorRelations@Terex.com
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SOURCE Terex Corporation
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