Manitowoc new revolver at Libor plus 75 to 175 bps

New York, June 14 - The Manitowoc Co., Inc. recently closed on a new $300 million five-year secured revolving credit facility that carries interest at Libor plus 75 to 175 basis points, depending on leverage, the company said in an 8-K filing with the Securities and Exchange Commission.

The commitment fee ranges from 15 to 37.5 bps, again depending on leverage (see table).

Manitowoc closed on the new loan on June 10. The revolver replaces a $125 million facility due May 2006.

J.P. Morgan Securities Inc. was bookrunner and lead arranger on the deal, and J.P. Morgan Chase Bank, NA was administrative agent. Bank of America, NA was syndication agent.

The Manitowoc, Wis.-based company provides lifting equipment for the construction industry.

Interest rate on Manitowoc's new revolver

Leverage Margin over Libor Commitment fee

Less than 2.0:1 75 bps 15 bps

2.0:1 or greater, less than 2.5:1 100 bps 20 bps

2.5:1 or greater, less than 3.0:1 125 bps 25 bps

3.0:1 or greater, less than 3.5:1 150 bps 30 bps

3.5:1 or greater 175 bps 37.5 bps

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