Manitex arranges $20 million private placement of stock, convertibles

$7.5 million 5% debentures, $12.5 million common shares sold to Terex

By Devika Patel

Knoxville, Tenn., Nov. 3 – Manitex International, Inc. negotiated a $20 million private placement – consisting of $7.5 million of 5% convertible debentures and $12.5 million of common stock – with Terex Corp. on Oct. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.

The price per share will be based on the daily volume weighted average price of the stock for the 30 days leading up to closing.

The debenture will be convertible into common stock at price equal to the greater of 125% of the daily volume weighted average price of the stock for the 30 days leading up to Oct. 29 and 110% of the daily volume weighted average price of the stock for the 30 days leading up to closing, with a ceiling of $16.75 per share.

Manitex is a Bridgeview, Ill.-based provider of engineered lifting products, including cranes, reach stackers, container-handling equipment and forklifts.

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