Terex Corp. last week announced that it has entered into an amendment of its existing credit agreement to ease the fixed charge coverage ratio covenant during 2009 and the first quarter of 2010. As previously disclosed, the company sought the amendment from its bank group because it anticipated a risk of not complying with this covenant as early as the end of the first quarter of 2009.
“We are pleased with the support demonstrated by our bank group regarding the amendment to our credit agreement,” said Phil Widman, Terex senior vice president and chief financial officer. “We believe the amendment helps to address the short-term concern with our fixed charge coverage ratio covenant and provides the flexibility needed to manage the company during these challenging times.”
Additional information concerning the amendment to the credit agreement, including the entire amendment, can be found under the company’s related Form 8-K filing with the Securities and Exchange Commission.
Westport, Conn.-based Terex Corp. is a diversified global manufacturer with 2008 net sales of $9.9 billion. As of Jan. 1, Terex now operates in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes and Terex Materials Processing & Mining.