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Stock Market & Financial Investment News

News Breaks
January 6, 2014
08:57 EDTMTWManitowoc enters into new senior secured credit facilities
Manitowoc announced the closing of its new senior secured credit facilities in the aggregate amount of $1.05B. The refinancing includes a revolving facility of $500M with a term of five years, a Term Loan “A” facility of $350M with a term of five years, and a Term Loan “B” facility of $200M with a term of seven years. This new credit facility extends the maturity dates of the company’s revolving credit facility and term loans from 2016 and 2017 to 2018 and 2020, respectively. The spread over the applicable LIBOR rate paid under the new revolving and Term Loan “A” facilities at the close declined 75 basis points to 2.25%, or alternatively, to 1.25% in excess of an alternate base rate, at the company’s option.
News For MTW From The Last 14 Days
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September 1, 2015
17:05 EDTMTWManitowoc files Form 10 with SEC for separation plan
The Manitowoc announced the initial filing of a Form 10 Registration Statement with the SEC in connection with the Company's previously announced plan to separate its Cranes and Foodservice businesses. Manitowoc anticipates effecting the separation through a tax-free spin-off of the Foodservice business, which the Company expects to be completed in the Q1 of FY16. The separation remains subject to the approval of the Manitowoc Board of Directors and the satisfaction of certain other customary conditions, including the effectiveness of the Form 10 Registration Statement.

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