Manitowoc plans new asset-based revolving credit facility

By Sara Rosenberg

New York, March 6 – Manitowoc Co. Inc. intends to get a new asset-based revolving credit facility, according to a news release.

Proceeds from the revolver along with proceeds from a senior secured second-lien notes offering will be used to redeem 12¾% senior secured second-lien notes due 2021, to repay all obligations outstanding and to terminate all commitments under an existing $225 million asset-based revolver and an existing $75 million accounts receivable securitization program, for general corporate purposes and to pay related fees and expenses.

The notes offering is subject to the company’s entrance into the new revolver.

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

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