Manitowoc $300 million seven-year notes whispered in low 8% area; pricing Friday

By Abigail W. Adams

Portland, Me., March 6 – Manitowoc Co. Inc. plans to price $300 million seven-year senior secured second-lien notes (B2/B) on Friday, according to market sources.

Early whispers have the deal coming in the low 8% area.

J.P. Morgan Securities LLC is lead left bookrunner for the Rule 144A and Regulation S deal.

The deal is being marketed by means of an investor call, which was scheduled for Wednesday.

Proceeds, together with proceeds from an extension of credit under the company’s ABL credit facility, will be used to redeem the outstanding 12¾% senior secured second-lien notes due 2021.

Proceeds will also be used to repay the existing $225 million asset-based revolving credit facility and existing $75 million accounts receivable securitization program.

Manitowoc is a Milwaukee-based manufacturer of cranes.

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