Manitowoc amends, extends $275 million ABL facility

By William Gullotti

Buffalo, N.Y., May 20 – Manitowoc Co., Inc. entered into a second amendment to its $275 million asset-based lending agreement with JPMorgan Chase Bank, NA as administrative agent on May 19, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the revolver’s maturity to May 19, 2027, five years from the amendment’s effective date, subject to a springing maturity date of Dec. 30, 2025 if the company’s 9% senior secured second-lien notes due April 1, 2026 have not been repaid in full or refinanced by that date.

The amended ABL now permits the inclusion, subject to certain limitations, of crane rental assets of certain subsidiaries in the borrowing base used to calculate facility availability. It also permits separate financing of crane rental fleets not included in the borrowing base.

Also, Libor was replaced with SOFR-based rates. ABL borrowings will now bear interest at SOFR plus 125 basis points or 150 bps, determined by the company’s average quarterly availability.

Manitowoc will still be subject to a 25 bps commitment fee based on the unused portion of the facility.

In addition to serving as administrative agent, JPMorgan is also syndication agent, lead arranger and joint bookrunner along with Bank of America, NA and Bank of Montreal. BofA and BMO are also the co-documentation agents.

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

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