Terex Corporation announced that it has refinanced its existing senior secured credit facility with a new $1.1 billion senior secured credit facility. The new facility is comprised of a revolving line of credit of $600 million, a $230 million term loan and a €200 million term loan.

The new facility increases the size of the company’s revolving line of credit from $500 million to $600 million. It also extends the maturity date for the company’s revolving line of credit from 2016 to 2019 and the maturity date for the term loans from 2017 to 2021. Additionally, the new facility provides lower borrowing rates under the revolving line of credit and affords greater flexibility for the company in a number of areas.

Kevin Bradley, Senior Vice President and Chief Financial Officer commented, “Lowering the cost of our revolver borrowings by approximately 300 basis points, increasing our liquidity, enhancing our operating flexibility and extending the maturity of our revolving and term facilities are significant milestones as we drive financial efficiency across our Company.”

Terex Corporation is a lifting and material handling solutions company 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, 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.