29.01.2016

Manitowoc Crane to raise $250 million

Manitowoc is moving ahead with the separation of its Food service and crane business with both divisions selling loan notes in order to pay off the group’s existing debt.

The crane business plans to raise $250 million which it will combine with a special dividend from the Food Service operation to pay off senior notes due 2020 and 2022, along with all existing debt under its revolving credit facility and existing term loan facilities and other debt. Any funds left over will be used for general corporate purposes.

The Food business is raising $425 million through the sale of notes, much of which will be paid as a dividend to the crane business for the group debt repayment.