Debt Capital Raise

Industrial
Debt Capital Raise

Summary

Baird served as financial advisor to The Manitowoc Company, Inc. on this transaction

About

The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) (NYSE:MTW) recently completed a senior note offering of $300 million 9.0% Secured Second Lien Notes due 2026 (the “Notes”) and a new $275 million asset based revolving credit facility (the “Revolving Credit Facility”). Manitowoc intends to use the net proceeds from the Notes, together with proceeds from the Revolving Credit Facility, to redeem all of its outstanding 12.75% Senior Secured Second Lien Notes due 2021, repay all obligations outstanding, and terminate all commitments under its existing ABL Credit Facility and existing accounts receivable securitization program, pay related fees and expenses, including applicable premiums, and use proceeds of the loans for general corporate purposes.

Founded in 1902, Manitowoc is a leading global manufacturer of cranes and lifting solutions with manufacturing, distribution, and service facilities in 20 countries. Manitowoc is recognized as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading aftermarket product support services. In 2018, Manitowoc’s net sales totaled $1.8 billion, with more than half generated outside the United States. The Company is headquartered in Milwaukee, Wisconsin.
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Industrial
Debt Capital Raise
Date
March 2019
Company
The Manitowoc Company, Inc.
Transaction
M&A
Sectors
Industrial
Target Location
North America

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