Notes are due in 2021; conversion price reflects 25% premium
By Susanna Moon
Chicago, Jan. 12 – Manitex International, Inc. agreed to issue $15 million principal amount of 6.5% subordinated convertible notes due 2021, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into a note purchase agreement with MI Convert Holdings LLC, which is owned by investments funds constituting part of the Perella Weinberg Partners Asset Based Value Strategy, and Invemed Associates LLC.
The initial conversion price is $15.00 per share, which is 25% premium to the company’s closing price on Jan. 6.
The notes are putable upon a fundamental change.
Manitex is a Bridgeview, Ill.-based provider of engineered lifting products, including cranes, reach stackers, container-handling equipment and forklifts.
Issuer: | Manitex International, Inc.
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Issue: | Subordinated convertible notes
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Amount: | $15 million
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Maturity: | 2021
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Coupon: | 6.5%
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Conversion price: | $15.00 per share
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Conversion premium: | 25%
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Warrants: | No
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Pricing date: | Jan. 7
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Stock symbol: | Nasdaq: MNTX
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Stock price: | $12.00 at close Jan. 6
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Market cap: | $157.16 million
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