MANITOWOC, Wis., June 15 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has successfully negotiated an amendment to its credit agreement. The amended $2.63 billion senior credit facility is effective June 15, 2009, and includes revised financial covenant ratios through the remaining life of the agreement. Further details regarding this amendment to the credit agreement are being filed separately under a Form 8-K.
'Our amendment was not driven by liquidity issues, but rather due to the financial ratio impact of lower sales volumes and reduced profitability during these challenging economic times,' said Glen E. Tellock, Manitowoc's chairman and chief executive officer. 'We are pleased that our lenders agreed with the terms of the proposed amendment, which not only gives us the flexibility to manage our businesses during this downturn and continue our debt reduction objectives, but also enables us to strongly position the company to take full advantage of the next upturn.'
J.P. Morgan arranged the amendment for Manitowoc as the administrative agent.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing and service facilities in 27 countries. It is recognized as one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is one of the world's leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications.
Forward-looking Statements
This press release includes 'forward-looking statements' intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as 'intends,' 'expects,' 'anticipates,' 'targets,' 'estimates,' and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are several factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
- unanticipated changes in revenues, costs, margins, results from operations, and capital expenditures;
- changes in economic or industry conditions generally or in the markets served by Manitowoc;
- unanticipated issues associated with the company's existing debt; and,
- risks and other factors cited in the company's filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
SOURCE The Manitowoc Company, Inc.
