09.01.2015

Manitex agrees new credit lines

Manitex, the crane, boom truck and container handling equipment manufacturer, has issued $15 million in new subordinated convertible notes with institutional investors and has also entered into an amended credit agreement with its current banking group.

The six year subordinated notes will carry a 6.50 percent rate and will be convertible, at the holder's option, into equity based on an initial conversion price of $15 per share.

The amended credit agreement, provides the company with a $71 million facility, composed of a $57 million senior secured revolving credit facility and a $14 million secured term loan, each maturing on August 19th 2018.

The proceeds from these credit lines will be used to finance working capital, for general corporate purposes and to fund a portion of the acquisition of the PM Group, which is expected to close next week - see:Manitex acquires PM.