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AEDNews - Construction Equipment Industry News The Manitowoc Company Intends to Issue Approximately $400 million Senior Unsecured Notes The Manitowoc Company, Inc. is planning to refinance a portion of its term loans under its senior secured credit facility with senior unsecured notes to improve the balance and flexibility of its capital structure. The amount of the offering, which is tentatively planned for the second half of January, has not yet been finalized but is expected to be approximately $400 million. This planned refinancing will extend required maturities for a portion of the company's long term debt and will introduce a greater amount of unsecured debt into the company's capital structure. The company's successful debt-reduction efforts eliminated more than $560 million in senior secured debt through Sept. 30, 2009. In addition, the company is disclosing that it has surpassed its targeted full-year 2009 debt reduction target of $450 million by approximately $20 million, bringing total debt reduction since the acquisition of Enodis plc to over $750 million. The company also announces the commencement of a related amendment to its senior credit agreement which is intended to provide the company with additional flexibility under its financial covenants. Effectiveness of the amendment is conditioned upon the funding of the contemplated senior unsecured notes offering. The company has a registration statement (including a prospectus) on file with the U.S. Securities and Exchange Commission (SEC) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents the company has filed with the SEC for more complete information about the company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, you may obtain a copy of the prospectus by calling the company's director of investor relations collect at (920) 652-1713. About The Manitowoc Company, Inc. The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with more than 100 manufacturing and service facilities in 27 countries. It is recognized as one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is one of the world's leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. Article Date: 01-18-2010 Source: The Manitowoc Company Copyright(C) 2010 Associated Equipment Distributors. All Rights Reserved. | ||||||
AEDNews is the weekly electronic newsletter published by Associated Equipment Distributors, providing the construction equipment distribution industry with timely news and information related to the equipment business.