Manitowoc enters into $300 million five-year revolver

By Jennifer Chiou

New York, June 13 - The Manitowoc Co., Inc. announced it has obtained a new $300 million five-year secured revolving credit facility, which replaces a $125 million facility due May 2006.

J.P. Morgan Securities Inc. was sole bookrunner and sole lead arranger on the deal, and J.P. Morgan Chase Bank, NA was administrative agent. Bank of America, NA was syndication agent.

"In addition to providing us with increased flexibility to support our growth strategies and pursue future opportunities, the new facility offers more favorable provisions, including the option of increasing the line at a later date to $550 million under the same terms," said Terry D. Growcock, Manitowoc's chairman and chief executive officer, in a news release.

The Manitowoc, Wis.-based company provides lifting equipment for the construction industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.