Manitowoc to pay down revolver, term loan B via note offering proceeds

By Tali David

Minneapolis, Oct. 4 - Manitowoc Co., Inc. plans to use the proceeds of its senior note offering to repay the outstanding debt under its revolving credit facility, according to a 424B5 filed with the Securities and Exchange Commission.

The company will also use proceeds to redeem the entire $150 million of its 7 1/8% senior notes due 2013 and, to the extent of any remaining proceeds, to repay outstanding debt under its term loan B facility.

As of June 30, the total principal amount outstanding under the revolving and term loan B facilities was $146.6 million and $332 million, respectively.

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

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