* Says changes cut interest rates, extend maturities
* Says including term loans, facilities total $1.15 bln
* Says revolving credit facility to rise to $500 mln under proposed deal
April 13 (Reuters) - Diversified industrial manufacturer Manitowoc Co Inc said it plans to refinance its existing senior secured credit facilities to improve the strength and flexibility of its capital structure.
The company said the proposed deal, which includes a cut in interest rates paid on outstanding borrowings, would increase its revolving credit facility by $100 million to $500 million.
The refinancing would extend the maturity date of the company's revolving credit facility and term loans from 2013 and 2014 to 2016 and 2017, respectively, it said.
Including the updated term loans, the credit facilities will total $1.15 billion.
Manitowoc, known for its crawler cranes and boom trucks, has a long-term debt of $1.94 billion, as of Dec. 31, according to Thomson Reuters data.
The company had incurred a debt of $2.5 billion for its $2.7 billion acquisition of Enodis in 2008 that marked its foray into food services and kitchen equipment.
Shares of the Manitowoc, Wisconsin-based company closed at $20.89 on Wednesday on the New York Stock Exchange.
(Reporting by Soham Chatterjee in Bangalore; Editing by Maju Samuel) Keywords: MANITOWOC/ (soham.chatterjee@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: soham.chatterjee.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says including term loans, facilities total $1.15 bln
* Says revolving credit facility to rise to $500 mln under proposed deal
April 13 (Reuters) - Diversified industrial manufacturer Manitowoc Co Inc said it plans to refinance its existing senior secured credit facilities to improve the strength and flexibility of its capital structure.
The company said the proposed deal, which includes a cut in interest rates paid on outstanding borrowings, would increase its revolving credit facility by $100 million to $500 million.
The refinancing would extend the maturity date of the company's revolving credit facility and term loans from 2013 and 2014 to 2016 and 2017, respectively, it said.
Including the updated term loans, the credit facilities will total $1.15 billion.
Manitowoc, known for its crawler cranes and boom trucks, has a long-term debt of $1.94 billion, as of Dec. 31, according to Thomson Reuters data.
The company had incurred a debt of $2.5 billion for its $2.7 billion acquisition of Enodis in 2008 that marked its foray into food services and kitchen equipment.
Shares of the Manitowoc, Wisconsin-based company closed at $20.89 on Wednesday on the New York Stock Exchange.
(Reporting by Soham Chatterjee in Bangalore; Editing by Maju Samuel) Keywords: MANITOWOC/ (soham.chatterjee@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: soham.chatterjee.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.