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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.
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