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| TEX > SEC Filings for TEX > Form 8-K on 28-Jul-2009 | All Recent SEC Filings |
28-Jul-2009
Entry into a Material Definitive Agreement, Other Events, Financial Statements and Exh
On July 22, 2009, Terex Corporation ("Terex" or the "Company") and J.P. Morgan Chase International Financing Limited ("JPM") entered into an Incremental Term Loan Assumption Agreement (the "JPM Agreement"). In addition, on July 23, 2009, Terex Corporation ("Terex" or the "Company") and certain of the Italian lenders of Fantuzzi Industries S.a.r.l. (the "Italian Banks") entered into an Incremental Term Loan Assumption Agreement (the "Italian Banks Agreement" and, together with the JPM Agreement, the "Agreements"). The Agreements are both incremental term loan assumption agreements under the Company's credit facility. The Agreements will require compliance with the existing covenants under the Company's credit facility but do not add any new or revised covenants.
Pursuant to the JPM Agreement, on July 24, 2009 the Company borrowed from JPM approximately $66 million, which will bear interest at a rate of LIBOR plus 3.75% and mature on July 14, 2013. The Italian Banks Agreement will be funded upon certain bonds issued by Fantuzzi Finance S.A. having been discharged in full, which is expected to occur in the second half of 2009. Pursuant to the Italian Banks Agreement, the Company will borrow from the Italian Banks the U.S. dollar equivalent of approximately €48 million, which will bear interest at a rate of LIBOR plus 3.75% and mature on July 14, 2013.
The foregoing description of the Agreements is qualified in its entirety by reference to the Agreements, copies of which are filed herewith as Exhibit 10.1 and 10.2 and are incorporated herein by reference.
Certain of the lenders, or their affiliates, under the Agreements 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.
The Company issued a press release on July 27, 2009, announcing that it has completed the acquisition of the port equipment businesses of Fantuzzi Industries S.a.r.l and Noell Crane (collectively, "Fantuzzi") for net consideration of approximately €155 million. The results of Fantuzzi will be included within the Cranes segment from its date of acquisition. A copy of this press release is included as Exhibit 99.1 to this Form 8-K.
(d) Exhibits
10.1 Incremental Term Loan Assumption Agreement dated as of July 22, 2009, among Terex Corporation, J.P. Morgan Chase International Financing Limited and Credit Suisse, as Administrative Agent.
10.2 Incremental Term Loan Assumption Agreement dated as of July 23, 2009, among Terex Corporation, the Lenders named therein and Credit Suisse, as Administrative Agent.
99.1 Press release of Terex Corporation issued on July 27, 2009.
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