The Manitowoc Company Seeks to Refinance Its Senior Secured Credit Facilities (MTW)

The Manitowoc Company (NYSE: MTW) today announced plans to refinance its existing senior secured credit facilities to further improve the strength and flexibility of its capital structure, including a reduction in the interest rate paid on outstanding borrowings compared to rates under its currentfacilities.Under the proposed transaction, the company's revolving credit facility would increase by $100 million to $500 million. Including updated term loans, the facilities will total $1.15 billion. The refinancing will include both Term Loan A and Term Loan B facilities, with normal amortization schedules for each. In addition to the reduction in the interest rate, the refinancing would extend the maturity date of the com