Manitex International Extends and Expands Credit Facilities
BRIDGEVIEW, Ill., July 7, 2011 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, announced today that it has reached agreement with its principal bank, Comerica, for a four year renewal of its revolving credit facilities which increases total borrowing capacity to $30 million. These credit facilities support the US and Canadian operations of Manitex International, Inc.
Manitex International's existing banking facilities with Comerica, due to mature on April 1, 2012, included three revolving credit facilities, a term loan, and stand by letter of credit. The four year renewal extends the maturity of Manitex International's revolving credit facilities by three years to April 1, 2015. The renewal also increases the total revolving credit facilities by $3.5 million, reduces interest costs by 150 basis points, and modifies advance formulas which increase the amount the Company may borrow. Additionally, the Company and Comerica executed a $1.85 million four year term loan, which was used to assist with the purchase of certain assets of CVS SpA which was completed on July 1, 2011.
Our 8-K filed with the Security and Exchange Commission on July 1, 2011 contains further details concerning the amendments and extension of the credit facilities.
Commenting on the renewal, Manitex International President and Chief Operating Officer, Andrew Rooke said, "We are very pleased to extend and expand our Credit facilities with Comerica Bank, with whom we have had a long and mutually beneficial relationship. Comerica understands our business and has demonstrated confidence in our ability to effectively run our operations. The four year renewal, which increases our total credit line, provides the security and resources necessary for us to continue growing our Company. In addition, the reduction in interest rates will help lower our total average borrowing costs and will immediately benefit our bottom line and in turn our shareholders".
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, reach stackers and associated container handling equipment, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support.
Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Additionally, Badger Equipment Company, a subsidiary located in Winona, Minnesota, manufactures specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the needs of the construction, municipality, and railroad industries. Our Italian subsidiary, CVS Ferrari, srl, designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which is sold through a broad dealer network. Our Manitex Liftking subsidiary is a provider of material handling equipment including the Noble straight-mast rough terrain forklift product line, Lowry high capacity cushion tired forklift and Schaeff electric indoor forklifts as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in both commercial and military applications. Our subsidiary, Manitex Load King located in Elk Point, South Dakota is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.
Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, Fuchs material handlers and our own Manitex product line. Crane and Machinery provides after market service in its local market as well as being a leading distributor of OEM crane parts, supplying parts to customers throughout the United States and internationally. The division also provides a wide range of used lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer's specifications.
Forward-Looking Statement
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Company Contact |
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Manitex International, Inc. |
Hayden IR |
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David Langevin |
Peter Seltzberg |
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Chairman and Chief Executive Officer |
Investor Relations |
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(708) 237-2060 |
(646) 415-8972 |
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SOURCE Manitex International, Inc.
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