The company said that the move would reduce its cash interest costs by approximately $5m annually. Terex added that the amendment to the credit agreement also provided, amongst other things, greater flexibility for the company in financing its equipment sales.

Kevin Bradley, Terex’s senior vice president and chief financial officer said: "The strong credit market and our improved credit profile have enabled us to reduce our cost of debt. One of the three main focuses of our Company is to improve our financial efficiency. We have made very good strides in this area over the past 18 months, reducing both the amount of debt outstanding as well as our interest rates, and this is another step forward in those efforts."

Recently, Fassi and Manitex announced that they had agreed new credit arrangements.