Manitowoc launches $350 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, April 14 - Manitowoc Co. Inc. launched its $350 million 61/2-year term loan B on Thursday with price talk of Libor plus 350 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for one year.

The company's $1.15 billion senior secured credit facility also includes a $500 million five-year revolver and a $300 million five-year term loan A.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing senior secured credit facility.

At Dec. 31, the company had $24.2 million outstanding under a $400 million revolver, $459.7 million of term loan A borrowings and $338.1 million of term loan B debt. Then, on Jan. 14, the company used about $124 million of the proceeds from the sale of its Kysor/Warren and Kysor/Warren de Mexico businesses to pay down term loan A and B balances.

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products and foodservice equipment.

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