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

The Manitowoc Company

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 current facilities. 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