13.06.2005

Manitowoc agree new credit line

The Manitowoc Company, Inc has entered into a new five-year, $300 million, secured revolving credit facility, which replaces a $125-million facility that was due to expire in May 2006.

The new credit line for a significantly increased amount not only adds four years to the maturity date but is also at far more attractive terms, including the ability to increase the line by up to $550 million at a later date.

"We are very pleased with this new credit agreement," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "In addition to providing us with increased flexibility to support our growth strategies and pursue future opportunities, the new facility offers more favourable provisions, including the option of increasing the line at a later date to $550 million under the same terms."

A syndicate of 13 banks is providing the new credit facility, J.P. Morgan Securities Inc. acted as Sole Bookrunner and Sole Lead Arranger. J.P. Morgan Chase Bank, N.A. served as Administrative Agent and Bank of America, N.A. served as Syndication Agent. Documentation agents were Deutsche Bank, BNP Paribas, and U.S. Bank.