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TEX > SEC Filings for TEX > Form 8-K on 14-Nov-2013All Recent SEC Filings

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Form 8-K for TEREX CORP


14-Nov-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry Into a Material Definitive Agreement.

On November 13, 2013, Terex Corporation (the "Company") and certain of its subsidiaries entered into an amendment (the "Amendment") to its Amended and Restated Credit Agreement dated as of August 5, 2011 (the "Credit Agreement"), with the lenders party thereto and Credit Suisse AG, as administrative agent and collateral agent.

The principal changes contained in the Amendment are:

A. The Company's U.S. Dollar denominated term loans will bear interest at a rate of London Interbank Offered Rate ("LIBOR") plus 2.75% with a 0.75% LIBOR floor and the Company's Euro denominated term loans will bear interest at a rate of Euro Interbank Offered Rate ("EURIBOR") plus 3.25% with a 0.75% EURIBOR floor. Previously, the U.S. Dollar denominated term loans outstanding were priced at LIBOR plus 3.5% with a 1.0% LIBOR floor and the Euro denominated term loans outstanding were priced at EURIBOR plus 4.0% with a 1.0% EURIBOR floor.

B. Greater flexibility for the Company (i) for financing equipment manufactured or sold by the Company and its joint ventures and (ii) in selling its receivables.

C. Certain other technical changes.

Certain of the lenders, or their affiliates, under the Credit Agreement 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 foregoing summary is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. A copy of a press release announcing the Company's entry into the Amendment is included as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1         Amendment No. 2 dated as of November 13, 2013, to the Amended and
             Restated Credit Agreement dated as of August 5, 2011, among Terex
             Corporation, the Lenders named therein and Credit Suisse AG, as
             Administrative Agent and Collateral Agent.

99.1 Press release of Terex Corporation issued on November 13, 2013.

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