Manitowoc Cranes to start roadshow on Monday for $250 million offering of eight-year notes

By Paul A. Harris

Portland, Ore., Jan. 29 – Manitowoc Co., Inc. plans to start a roadshow on Monday in New York for a $250 million offering of eight-year senior secured second-lien notes, according to a syndicate source.

The roadshow continues in New York on Tuesday, moves to Boston on Wednesday and to Los Angeles on Thursday.

Further roadshow details remain to be determined.

The roadshow for the Rule 144A for life deal is set to wrap up on Feb. 5.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are joint bookrunners. BMO Securities is the co-manager.

The notes come with three years of call protection.

The issuing entity will be Manitowoc Cranes Escrow Corp., which is to be merged with and into Manitowoc Co.

The Manitowoc, Wis.-based manufacturer of cranes and lifting equipment plans to use the proceeds, together with a $1,388,000,000 cash dividend from Manitowoc Foodservice, Inc. and an $85 million initial draw on its ABL revolver, to repay all its notes due in 2020 and 2022, as well as to repay and terminate its revolver and term loan, to repay certain other debt of subsidiaries, to possibly repay other debt and for general corporate purposes.

Manitowoc Food Service is concurrently in the market with a $425 million offering of eight-year senior notes (see related story in this issue).

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