Manitowoc Company ( (MTW) ) has provided an announcement.
On September 19, 2024, The Manitowoc Company, Inc. engaged in significant financial restructuring by issuing $300 million worth of 9.250% Senior Secured Second Lien Notes due in 2031, with semi-annual interest payments starting from April 1, 2025. The notes, aimed at qualified institutional and international investors, offer redemption options before and after October 2027, with certain conditions allowing redemption using equity offering proceeds. Additionally, the company amended its asset-based lending credit agreement, now totaling $325 million, which matures in 2029 and includes various interest rates dependent upon the borrowing base. The company also satisfied its previous debt obligations from an older indenture, redirecting funds to redeem the existing notes and cover associated costs, thereby streamlining its financial commitments.
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