The Manitowoc Co. announced plans to refinance a portion of its term loans under its senior secured credit facility with senior unsecured notes to improve the balance and flexibility of its capital structure. The amount of the offering is not yet finalized but is expected to be at least $500 million.
The planned refinancing will extend the maturity profile of the company’s long-term debt and will introduce a greater amount of unsecured debt into the company’s capital structure.
The company also announced the commencement of a related amendment to its senior credit agreement intended to provide the company additional flexibility under its financial covenants.
Manitowoc has a registration statement including a prospectus on file with the U.S. Securities and Exchange Commission.