The Manitowoc Company, Inc. Announces the Pricing of MTW Cranes Escrow Corp.’s $260 Million Offering of Senior Secured Seco...
08 Febbraio 2016 - 10:32PM
Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) (“Manitowoc”) announced
today that, in connection with the previously announced spin-off of
its wholly owned subsidiary Manitowoc Foodservice, Inc. (“Manitowoc
Foodservice”) as an independent public company (the “Spin-Off”),
MTW Cranes Escrow Corp., a wholly owned subsidiary of Manitowoc,
has priced its private offering (the “Offering”) of $260,000,000 in
aggregate principal amount of senior secured second lien notes due
2021 (the “Notes”). The Notes will have an interest rate of 12.750%
per annum and are being issued at a price equal to 95.3% of their
face value. The Offering is expected to close on February 18,
2016.
Manitowoc estimates that the net proceeds from the Offering will
be approximately $243.9 million after deducting the initial
purchasers’ discounts. Manitowoc intends to use the net proceeds of
the Offering, together with a cash dividend from Manitowoc
Foodservice, other borrowings and cash on hand, to (1) repay all of
its outstanding 8.500% senior notes due 2020, (2) repay all of its
outstanding 5.875% senior notes due 2022, (3) repay all amounts
under, and terminate, its existing revolving credit facility and
existing term loan facilities, (4) repay certain other debt of its
subsidiaries and (5) pay certain fees and expenses in connection
with the Offering and certain other financing transactions, with
any remaining net proceeds to be used for general corporate
purposes.
The Offering is a private offering exempt from the registration
requirements under the Securities Act of 1933, as amended (the
“Securities Act”). The Notes are being offered only to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and to non-U.S. persons in offshore transactions in reliance on
Regulation S under the Securities Act.
The Notes will not be and have not been registered under the
Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements.
This press release is being issued pursuant to Rule 135c under
the Securities Act, and is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry
capital goods manufacturer with 80 manufacturing, distribution and
service facilities in 25 countries. Manitowoc is recognized
globally as one of the premier innovators and providers of crawler
cranes, tower cranes, and mobile cranes for the heavy construction
industry. Manitowoc is also one of the world’s leading innovators
and manufacturers of commercial foodservice equipment, which
includes 23 market-leading brands of hot- and cold-focused
equipment. In addition, both segments are complemented by a slate
of industry-leading product support services. In 2015, Manitowoc’s
revenues totaled $3.4 billion, with approximately half of these
revenues generated outside the United States.
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 Manitowoc
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 uncertainty
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:
- possible negative effects on the
Manitowoc’s business operations, assets or financial results as a
result of the Spin-Off;
- capitalization of the two independent
companies;
- unanticipated changes in revenues,
margins, costs and capital expenditures;
- the ability to significantly improve
profitability;
- the ability to increase operational
efficiencies across each of Manitowoc’s business segments and to
capitalize on those efficiencies;
- realization of anticipated earnings
enhancements, cost savings, strategic options and other synergies,
and the anticipated timing to realize those savings, synergies and
options; and
- risks and other factors cited in
Manitowoc’s filings with the United States Securities and Exchange
Commission (the “SEC”).
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 Manitowoc’s actual results of operations
is included in its filings with the SEC, including but not limited
to its Annual Report on Form 10-K for the fiscal year ended
December 31, 2014.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160208006333/en/
The Manitowoc Company, Inc.Carl J. Laurino, 920-652-1720Senior
Vice President & Chief Financial Officer
Grafico Azioni Manitowoc (NYSE:MTW)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Manitowoc (NYSE:MTW)
Storico
Da Lug 2023 a Lug 2024