Manitowoc readies launch of new credit facility for Thursday

By Sara Rosenberg

New York, April 8 - Manitowoc Co. Inc. is scheduled to hold a bank meeting on Thursday morning to launch a new credit facility, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing senior secured credit facility.

At Dec. 31, the company had $24.2 million outstanding under its $400 million revolver, $459.7 million of term loan A borrowings and $338.1 million of term loan B debt. Then, on Jan. 14, the company used about $124 million of the proceeds from the sale of its Kysor/Warren and Kysor/Warren de Mexico businesses to pay down term loan A and B balances.

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products and foodservice equipment.

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