15.11.2007

Manitowoc prices new shares

Manitowoc has announced pricing for its public offering of 4 million new shares, they have been priced at $39.48 per share to the public.

The underwriting agreement for the offering does not provide an option for the underwriter to purchase additional shares from the company to cover over-allotments.

The company anticipates the closing of the offering and the delivery of the shares will occur on November 21, 2007.

Manitowoc expects to receive net proceeds from the offering of around $156.9 million after deducting underwriting discounts and estimated expenses.

The company intends to use the net proceeds to repay certain funded indebtedness and for other general corporate purposes.