Manitowoc seeks loan amendment to modify financial covenants

By Sara Rosenberg

New York, Jan. 14 - The Manitowoc Co. Inc. is looking to amend its senior credit facility to gain additional flexibility under financial covenants, according to a news release.

Effectiveness of the amendment is conditioned on the funding of a contemplated senior unsecured notes offering.

Through the offering, the company plans to sell approximately $400 million of senior unsecured notes to refinance a portion of its term loans.

The offering is tentatively planned for the second half of January and is expected to improve the company's balance sheet and flexibility of its capital structure by extending maturities for a portion its long-term debt and introducing a greater amount of unsecured debt.

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

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