Manitowoc intends to sell $250 million senior notes due 2022; investor call held Thursday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 4 - The Manitowoc Co. Inc. is prepping a $250 million offering of senior notes due 2022 (B3/B+), according to a market source.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the co-lead managers.

BMO Capital Markets Corp., Rabo Securities USA Inc. and RBS Securities Inc. are the co-managers for the Securities and Exchange Commission-registered deal.

The notes will be non-callable for five years and carry a three-year 35% equity clawback.

Proceeds will be used to redeem the entire $150 million of the company's 7 1/8% senior notes due 2013, as well as to repay bank debt.

The Manitowoc, Wis.-based multi-industry capital goods manufacturer held an investor call at 11:30 a.m. ET on Thursday.

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