25.02.2009

Terex agrees covenant ammendment

Terex has announced that it has entered into an amendment to its existing credit agreement to ease the fixed charge coverage ratio covenant during 2009 and the first quarter of 2010.

The Company sought the amendment from its bank group because it anticipated a risk of not complying with the covenant as early as the end of the first quarter of 2009.

Phil Widman, Terex chief financial officer, said: “We are pleased with the support demonstrated by our bank group regarding the amendment to our credit agreement. 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.”