Manitex International repays and pays down debt

By D.Ann Shiffler12 January 2021

Manitex International announced the payment of two notes totalling $15.5 million and the $2 million paydown of its European term debt associated with PM Group.

manitex Manitex International continues to paydown and pay off its debt.

Manitex International , a leading international provider of cranes and specialized industrial equipment, has repayed in entirety two convertible notes that were due in December 2020 and January 2021, totaling $15.5 million, which included all remaining principal and accrued interest. As well, the company announced the paydown of $2 million in European term debt associated with Manitex’s subsidiary, PM Group. The paydowns were funded through $7.8 million in draws on the revolver and cash from the United States. The notes, issued by Manitex International in 2014 and 2015 to both Terex Corporation and MI Convert Holdings, funded various Manitex acquisitions and other strategic growth initiatives. Terex Corporation remains a significant investor in Manitex International, Inc., holding over 1.1 million MNTX common shares according to the most recent public filings with the SEC.

“Despite the very challenging operating environment, largely caused by the global Covid-19 pandemic , we have taken consistent actions throughout the year to align our production with forecasted demand, focus on cash generation, and improve our balance sheet. We expect to enter 2021 with net debt of approximately $30 million, the lowest level for our company in nearly a decade, and global liquidity of approximately $30 million between our cash and credit lines,” explained Joe Doolan, CFO, Manitex International. “Also importantly, an amendment to our U.S. revolving credit, as previously disclosed in December, allows for even further benefits to our financial flexibility that will help us continue to execute our recovery and growth plans.”

Manitex International produces mobile cranes (truck-mounted straightmast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Its products, which are manufactured in facilities in the U.S. and Europe, include the brands Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger and Valla.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
CONNECT WITH THE TEAM
D.Ann Shiffler Editor, American Carnes & Transport Tel: +1 512 869 8838 E-mail: d.ann.shiffler@khl.com
Matt Burk VP Sales Tel: +1 312 496 3314 E-mail: matt.burk@khl.com
CONNECT WITH SOCIAL MEDIA
Latest News
Lift-All expands with Grove truck cranes
The Omaha, Nebraska-based lifting provider recently added two new Grove truck cranes to its fleet.
Link-Belt Cranes restructures personnel
Following the retirement of industry veteran Paul Campbell, Link-Belt Cranes in the USA has reorganized managers.
Select Crane delivers Liebherr LTM 1130-5.1
Select Crane Sales recently delivered a 2015 Liebherr LTM 1130-5.1 to American Crane in New Hampshire