The Manitowoc Co. is planning 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 company said last week. The amount of the offering is expected to be about $400 million, and will extend required maturities for a portion of the company’s long-term debt and introduce a greater amount of unsecured debt into the company’s capital structure.
Manitowoc’s debt-reduction efforts eliminated more than $560 million in senior unsecured debt through Sept. 30, 2009. The company has surpassed its targeted full-year 2009 debt reduction target of $450 million by about $20 million, bringing total debt reduction since the acquisition of Enodis plc to more than $750 million.
Manitowoc Co. is based in Manitowoc, Wis.