New credit plans from Terex

Terex Corporation is seeking an amendment to its bank credit facility.

Under the agreement the company would primarily gain greater flexibility for the use of the proceeds from the sale of the Terex mining business that was concluded earlier this year.

The proposed amendment will provide the company with added flexibility in a range of restrictive covenants, including its ability to prepay, redeem or repurchase debt, and make acquisitions. Under the amendment, Terex would also prepay 100% of the outstanding term loans under the credit facility of about US$270 million.