TEREX CORPORATION (NYSE:TEX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry Into a Material Definitive Agreement.
On August 17, 2017, Terex and certain of its subsidiaries entered into an Incremental Assumption Agreement and Amendment No. 1 (the “Amendment”) to the Credit Agreement dated as of January 31, 2017 (the “Credit Agreement”), with the lenders party thereto and Credit Suisse AG, as administrative agent and collateral agent. The principal change contained in the Amendment is the Company’s term loan will now bear interest at a rate equal to the reserve adjusted London Interbank Offered Rate (“LIBOR”) plus 2.25%. Previously, the term loans outstanding were priced at LIBOR plus 2.50%.
The foregoing summary is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto and incorporated by reference herein as Exhibit 10.1 to this Current Report on Form 8-K. A copy of a press release announcing the Amendment is included as Exhibit 99.1 to this Form 8-K.
Credit Suisse AG, or its affiliates, and certain lenders, or their affiliates, are party to other agreements with the Company and its subsidiaries, including the provision of commercial banking, investment banking, trustee and/or other financial services in the ordinary course of business of the Company and its subsidiaries.
Item 9.01. Financial Statements and Exhibits.
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10.1 |
Incremental Assumption Agreement and Amendment No. 1 dated as of August 17, 2017, to the Credit Agreement dated as of January 31, 2017, among Terex Corporation, the Lenders named therein and Credit Suisse AG, as Administrative Agent and Collateral Agent. |
99.1Press release of Terex Corporation issued on August 17, 2017.
TEREX CORP ExhibitEX-10.1 2 f8k081717amendmentrepricing.htm EXHIBIT 10.1 INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 DATED 8/17/17 Exhibit INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 dated as of August 17,…To view the full exhibit click here
About TEREX CORPORATION (NYSE:TEX)
Terex Corporation is a manufacturer of lifting and material processing products and services that deliver lifecycle solutions. The Company has three business segments: Aerial Work Platforms (AWP), Cranes and Materials Processing (MP). It delivers lifecycle solutions to a range of industries, including the construction, infrastructure, manufacturing, shipping, utility, quarrying and mining industries. The AWP segment designs, manufactures, services and markets aerial work platform equipment, telehandlers and light towers. The AWP segment’s products are used by its customers to construct and maintain industrial, commercial and residential buildings and facilities, and for other commercial operations, as well as in a range of infrastructure projects. The Cranes segment’s products are used by its customers for construction and manufacturing facilities, among others. The MP segment’s products are used by its customers in construction, infrastructure and recycling projects.