Manitowoc to pay down revolver, term loans using new issue proceeds

By Susanna Moon

Chicago, Jan. 29 – Manitowoc Co., Inc. said it plans to repay its revolving credit facility and term loan facilities using proceeds of a new notes issue.

Manitowoc’s wholly owned subsidiary, MTW Cranes Escrow Corp., plans to issue $250 million principal amount of senior secured second-lien notes due 2024 in connection with the planned spinoff of its wholly owned subsidiary, Manitowoc Foodservice, Inc., according to a company news release.

Proceeds also will be used to repay the company’s 8˝% senior notes due 2020 and its 5 7/8% senior notes due 2022 and to repay other debt of its subsidiaries, with any remaining proceeds to be used for general corporate purposes.

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products and foodservice equipment.

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