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Manitowoc amends loan, changing financial covenants
By Sara Rosenberg
New York, Feb. 11 - The Manitowoc Co. Inc. obtained a waiver and amended its credit facility, modifying financial covenants that became more restrictive in the fourth quarter of 2002. Deutsche Bank Trust Co. is the administrative agent on the loan.
More specifically, the company changed the minimum consolidated interest coverage ratio (see table 1), the minimum consolidated EBITDA (see table 2), the maximum consolidated total leverage ratio (see table 3) and the minimum consolidated fixed charge coverage ratio to no less than 1.50:1.00, according to a filing with the Securities and Exchange Commission.
"The company believes these modified covenants will better enable management to achieve the company's business plan and goals in the current economic environment," the filing said.
Manitowoc is a Manitowoc, Wis. diversified industrial manufacturer with positions in its three principal markets: cranes; foodservice equipment; and marine services in the Great Lakes region.
Table 1: Manitowoc's new minimum consolidated interest coverage covenant
Fiscal Quarter Ending Ratio
Dec. 31, 2002 2.50:1.00
March 31, 2003 2.50:1.00
June 30, 2003 2.50:1.00
Sept. 30, 2003 2.50:1.00
Dec. 31, 2003 2.75:1.00
March 31, 2004 2.75:1.00
June 30, 2004 and thereafter 3.00:1.00
Table 2: Manitowoc's new minimum consolidated EBITDA covenant
Fiscal Quarter Ending Amount
Dec. 31, 2002 $155 million
March 31, 2003 $155 million
June 30, 2003 $155 million
Sept. 30, 2003 $155 million
Dec. 31, 2003 $155 million
March 31, 2004 $160 million
June 30, 2004 $165 million
Sept. 30, 2004 $165 million
Dec. 31, 2004 $165 million
March 31, 2005 $170 million
June 30, 2005 $175 million
Sept. 30, 2005 $175 million
Dec. 31, 2005 $180 million
March 31, 2006 $180 million
June 30, 2006 $180 million
Sept. 30, 2006 $180 million
Dec. 31, 2006 $190 million
March 31, 2007 $200 million
Table 3: Manitowoc's new maximum consolidated total leverage covenant
Period Ratio
Dec. 31, 2002 through and including Dec. 30, 2003 4.25:1.00
Dec. 31, 2003 through and including June 29, 2004 4.00:1.00
June 30, 2004 through and including Sept. 29, 2004 3.75:1.00
Sept. 30, 2004 through and including Dec. 30, 2004 3.50:1.00
Dec. 31, 2004 through and including March 30, 2005 3.25:1.00
Thereafter 2.85:1.00
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