New revolving credit facility for Manitowoc
30 April 2008
The Manitowoc Company, Inc. has entered into a new five-year, $300 million secured revolving credit facility, which replaces a $125 million facility that was due to expire in May 2006.
“We are very pleased with this new credit agreement,”said Terry Growcock, Manitowoc chairman and chief executive officer. “In addition to providing us with increased flexibility to support our growth strategies and pursue future opportunities, the new facility offers more favorable provisions, including the option of increasing the line at a later date to $550 million under the same terms.”
A syndicate of 13 banks is providing the new credit facility, and JP Morgan Securities acted as Sole Bookrunner and Sole Lead Arranger. JP Morgan Chase Bank North America served as Administrative Agent and Bank of America North America served as Syndication Agent. Documentation agents were Deutsche Bank, BNP Paribas, and US Bank.