Manitowoc to repay bank debt with stock proceeds

By Sara Rosenberg

New York, Nov. 14 - Manitowoc Co. Inc. plans to repay outstanding amounts under its senior credit facility using proceeds from the sale of 3 million shares of common stock, according to a 424B5 filed with the Securities and Exchange Commission Wednesday.

Total debt available for repayment under the facility at Sept. 30 was $103.3 million.

Remaining proceeds from the stock sale will be used for general corporate purposes.

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

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