15.06.2009

Manitowoc amends debt

Manitowoc has announced that it has successfully negotiated an amendment to its credit agreement.

The amended $2.63 billion senior credit facility is effective from today and includes revised financial covenant ratios through the remaining life of the agreement.

Glen Tellock, Manitowoc's chief executive said: "Our amendment was not driven by liquidity issues, but rather due to the financial ratio impact of lower sales volumes and reduced profitability during these challenging economic times. We are pleased that our lenders agreed with the terms of the proposed amendment, which not only gives us the flexibility to manage our businesses during this downturn and continue our debt reduction objectives, but also enables us to strongly position the company to take full advantage of the next upturn."