26.07.2016

Manitex agrees new credit facility

Crane and access equipment manufacturer Manitex has completed a new $45 million three year credit agreement with The Private Bank & Trust Co.

The new facility replaces a previous credit facility and provides reduced interest costs and less restrictive financial covenants. The indebtedness is collateralised by all of the company's assets, except those of ASV, CVS and PM Group.

The re-financing and retirement of the old facility will cost around $1.4 million, which the company will take in the second quarter results.

Chief executive David Langevin said: "Despite continued weakness in the capital equipment markets we continue to take key actions to strengthen our financial position and support the future growth of our business. The new credit facility with Private Bank provides our company with an enhanced ability to focus our resources on achieving our strategic objectives this year, which include the achievement of significant debt reductions, cost reductions throughout the organisation, improved operating efficiencies, concurrently with the planned sale of non-strategic assets, as we have previously discussed."