Manitowoc hopes to repay all bank debt in about a year

By Sara Rosenberg

New York, March 22 - The Manitowoc Co. Inc. plans on being bank debt-free within approximately the next 12 months, company officials said at the Lehman Brothers High-Yield Bond and Syndicated Loan Conference on Monday.

"Those of you who follow us know our seasonality. It's really the second half of the year where you really have significant debt reduction. So if you think about it in those terms, it's roughly a 12 month time frame where we will be completely out of bank debt," officials said in the conference call.

As of Dec. 31, 2003, the company had $17.71 million in term loan B debt and no borrowings drawn under its revolver.

Manitowoc is a Manitowoc, Wis. diversified industrial manufacturer that operates in cranes, foodservice equipment and marine.

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