Terex Announces Increase in Revolving Credit Facility
April 10 2018 - 4:10PM
Business Wire
Terex Corporation (NYSE: TEX) today announced that it has
increased the size of the revolving credit facility under its
Credit Agreement from $450 million to $600 million.
John Sheehan, Terex Senior Vice President and Chief Financial
Officer said, “Today’s increase in availability of our Revolving
Credit Facility makes our strong capital structure even stronger.
Over the last 15 months the execution of our Disciplined Capital
Allocation Strategy has resulted in Terex exceeding our Free Cash
Flow expectations, providing capital to reinvest back into our
businesses and return capital to shareholders. We remain fully
committed to our Disciplined Capital Allocation Strategy, including
achieving our 2020 targets of Free Cash Flow in excess of 100% of
Net Income and average Leverage through our economic cycle of 2.5x.
We look forward to continuing to use our strong capital structure
and liquidity to drive value for our shareholders. Finally, we are
pleased with the support demonstrated by our bank group in
providing us with additional liquidity to efficiently manage our
business.”
Forward Looking Statements:
This press release contains forward-looking information
regarding future events or Terex’s future financial performance
based on the current expectations of Terex Corporation. In
addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
About Terex:
Terex Corporation is a global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
Company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
industries. Terex offers financial products and services
to assist in the acquisition of Terex equipment
through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
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version on businesswire.com: https://www.businesswire.com/news/home/20180410006585/en/
Terex CorporationBrian J. Henry, Senior Vice PresidentBusiness
Development & Investor
Relations203-222-5954brian.henry@terex.com
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