Manitowoc wraps credit facility amendment, modifying covenants

By Sara Rosenberg

New York, Oct. 13 - Manitowoc Co. Inc. successfully completed the amendment to its senior credit facility that revised financial covenants, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Specifically, the amendment reduced the minimum consolidated interest coverage ratio and the consolidated senior secured leverage ratio and eliminated the consolidated total leverage ratio.

In addition, the amendment permits the company to issue new senior notes and increases its ability to incur debt and make investments.

The amendment was completed on Oct. 7, but is not effective until the company pays down term loan debt from the issuance of at least $500 million of senior unsecured notes.

JPMorgan is the administrative agent on the deal.

Manitowoc is a Manitowoc Wis.-based provider of lifting equipment and manufacturer of commercial foodservice equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.