Terex Corporation (NYSE: TEX) has announced the successful re-pricing of its term loan, which is expected to result in a reduction of approximately $3 million in annual cash interest costs. According to Jennifer Kong-Picarello, Terex's senior vice president and chief financial officer, the re-pricing will see the term loan rate improve by 25 basis points to s+175bps.
The company, a global industrial equipment manufacturer, specializes in materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry. Terex's products are used across various sectors including maintenance, manufacturing, energy, minerals and materials management, construction, waste and recycling, and the entertainment industry.
This move to re-price the term loan is a strategic effort to increase the efficiency of Terex's capital structure, providing the company with improved financial flexibility and reduced interest expenses. Following these announcements, the company's shares moved -1.94%, and are now trading at a price of $51.54. If you want to know more, read the company's complete 8-K report here.
