06.01.2014

Manitowoc restructures debt

Manitowoc has refinanced $1.05 billion of debt, extending maturity dates out to 2020. The new credit facility includes a five year revolving facility of $500 million, a five year Term Loan "A" facility for $350 million and a seven year Term Loan "B" facility of $200 million.

The refinancing will allow the company to redeem its 9.5 percent Senior Notes due 2018 when they reach the end of their non-call period in February this year. The company says that the new credit facility and lower interest expense from the bond redemption, should result in interest savings of around $20 million in 2014.