The Manitowoc Company Inc. announced today it has successfully negotiated an amendment to its credit agreement.
The amended $2.63 billion senior credit facility is effective June 15 and includes revised financial covenant ratios through the remaining life of the agreement.
"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 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.
Manitowoc Company negotiates new credit agreement
Operand type clash: text is incompatible with int
advertisement
Sorry, the story you tried to comment on is not accepting comments.