Manitowoc to repay $225 million asset-based revolver via new notes

By Marisa Wong

Morgantown, W.Va., March 6 – Manitowoc Co., Inc. plans to repay in full and terminate its existing $225 million asset-based revolving credit facility using proceeds from an offering of new notes, according to a press release.

The company announced on Wednesday that it plans to offer $300 million of senior secured second-lien notes due 2026, subject to market and other conditions, including obtaining a new asset-based revolver.

The company also plans to use proceeds from the new notes to redeem all of its outstanding 12¾% senior secured second-lien notes due 2021 and to repay in full and terminate its existing $75 million accounts receivable securitization program.

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

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