Manitowoc to redeem 9½% notes due 2018 via credit facility proceeds

By Toni Weeks

San Luis Obispo, Calif., Jan. 6 - Manitowoc Co., Inc. said it will redeem its 9½% senior notes due 2018 at the end of their non-call period in February 2014 with the proceeds of $1.05 billion of new senior secured credit facilities, according to a press release.

The company arranged for a new five-year $500 million revolving facility, a $350 million five-year term loan A facility and a $200 million seven-year term Loan B facility on Monday.

The new credit facilities and lower interest expense from the bond redemption will result in interest savings of roughly $20 million in 2014, the release said.

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

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