01.10.2010

Manitowoc to restructure debt

Manitowoc has announced plans to refinance a portion of its secured debt under its senior secured credit facility with the issue of senior unsecured notes to “improve the balance and flexibility of its capital structure”.

The amount of the offering, which is planned for later this month, subject to market conditions, is expected to be at least $500 million, although it has yet to be finalised.

The new notes will extend the overall maturity of the company's long-term debt and will introduce a greater amount of unsecured debt into its capital structure.

Manitowoc is also planning to amend its senior credit agreement in order to provide it with additional flexibility under its financial covenants. The amendment will be dependent on the success of the senior unsecured notes offering.