Nacco notifies lenders of intent to draw down its $225 million term loan

By Sara Rosenberg

New York, May 5 - Nacco Materials Handling Group Inc. delivered a notice of borrowing to lenders regarding drawing down its $225 million term loan on May 15, according to an 8-K filed with the Securities and Exchange Commission Friday.

The term loan carries an interest rate of Libor plus 200 basis points, with a step down to Libor plus 175 bps if leverage falls to 1.50 to 1.00.

Proceeds will be used to redeem in full the company's outstanding 10% senior notes due 2009.

Citigroup is the lead bank on the deal.

Nacco is a Portland, Ore.-based forklift truck manufacturer.

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