MANITOWOC, Wis., June 7 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. today announced that it will redeem its 10-1/2% Senior Subordinated Notes due 2012, effective August 1, 2007.
As set forth in the indenture for the notes, Manitowoc will pay holders 105.25 percent of the principal amount plus accrued and unpaid interest up to the redemption date. The company will redeem all of the notes for approximately $129 million, including interest payments and related costs. At December 31, 2006, the notes represented approximately $113.8 million of the company's $264.3 million in long-term debt. The notes were issued in August 2002 in conjunction with the company's acquisition of Grove Investors, Inc.
The Bank of New York, trustee for the issue, will redeem notes at its offices in New York.
About the Manitowoc Company
The Manitowoc Company, Inc. is 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. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
