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The PrivateBank Provides $45MM Revolver to Manitex

July 27, 2016, 07:19 AM
Filed Under: Manufacturing

Manitex International, Inc., a leading international provider of cranes and specialized material and container handling equipment, announced that it has completed a new credit agreement on July 19, 2016, with The Private Bank & Trust Co., to provide a $45 million, three-year credit facility. This new facility replaces the company's previous credit facility and provides reduced interest costs and less restrictive financial covenants to Manitex International. The indebtedness is collateralized by substantially all of the company’s assets.

Chairman and Chief Executive Officer, David J. Langevin, commented, “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 organization, improved operating efficiencies, concurrently with the planned sale of non-strategic assets, as we’ve previously discussed.”

Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom trucks, cranes, container handling equipment and reach stackers, rough terrain forklifts, and other related equipment.

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