FOR IMMEDIATE RELEASE
terex REPAYS $220 MILLION OF SENIOR TERM BANK DEBT
Westport, CT, May 16, 2013 – Terex Corporation (NYSE: TEX) today announced that it has repaid $220 million of the Company’s senior term bank debt due 2017, effective today.
“As previously communicated, we are focused on improving earnings and generating cash flow to facilitate debt reduction,” says Ron DeFeo, Terex Chairman and CEO. “This latest pay down of debt demonstrates our continued commitment to improving our Company’s capital structure. An additional repayment of $30 million of debt will take place in July. Combined with our prior actions in 2012, this will result in approximately $500 million in debt reduction from the middle of 2012 through the middle of 2013. We continue to anticipate strong free cash flow for 2013 and beyond, and will look for additional opportunities to reduce our future interest expense and improve our overall capital structure as we move forward.”
Vice President, Investor Relations
Phone: (203) 222-5943
Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, manufacturing, mining, shipping, transportation, refining, energy and utility 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) to make information available to its investors and the market. Additional information about Terex Corporation’s products and services can be found on Facebook (www.facebook.com/TerexCorporation).
Forward Looking Statements
This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties, many of which are beyond the control of Terex, include those factors that are more specifically set forth in the public filings of Terex with the Securities and Exchange Commission. Actual events or the actual future results of Terex may differ materially from any forward looking statement due to those and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this press release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this press 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.
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