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Press release from Business Wire

The Manitowoc Company Closes its New Senior Secured Credit Facilities

<p class='bwalignc'> <i>Changes further strengthen Manitowoc's financial position and flexibility</i> </p>

Monday, May 16, 2011

The Manitowoc Company Closes its New Senior Secured Credit Facilities16:54 EDT Monday, May 16, 2011 MANITOWOC, Wis. (Business Wire) -- The Manitowoc Company, Inc. (NYSE: MTW) today announced the closing of its new senior secured credit facilities. Under the transaction, the company's revolving credit facility increased by $100 million to $500 million. Including updated term loans, the facilities total $1.25 billion. The refinancing includes a Term Loan A facility of $350 million and a Term Loan B facility of $400 million, with normal amortization schedules for each. This new credit facility reduces the interest rate paid on outstanding borrowings resulting in approximate 2011 cash interest savings of $10 million, while also extending the maturity dates of the company's revolving credit facility and term loans from 2013 and 2014 to 2016 and 2017. The spread over the applicable LIBOR rate paid under the new facilities at the close declined 200 basis points to 3.00 percent and the LIBOR floor under the Term Loan B facility declined 175 basis points to 1.25 percent. “Our ongoing capital market activities coupled with our proactive capital structure management over the last few years have improved Manitowoc's financial position and flexibility, resulting in longer term maturities, increased liquidity, and lower interest rates,” said Glen E. Tellock, Manitowoc's chairman and chief executive officer. “Going forward, we are in an excellent position to execute on our long-term growth objectives and expand our global leadership in both our Crane and Foodservice segments.” Forward-looking StatementsThis 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 the company 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 uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors 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:unanticipated changes in the debt and capital markets;unanticipated changes in revenues, margins, costs, and capital expenditures;the ability to generate cash consistent with the company's stated goals;pressure of additional financing leverage;changes in economic or industry conditions generally or in the markets served by Manitowoc;the state of financial and credit markets;risks and other factors cited in the company's filings with the United States Securities and Exchange Commission.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 the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2010.About The Manitowoc Company, Inc. The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with nearly 100 manufacturing, distribution, service, and/or office facilities in 26 countries. It is recognized as one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is one of the world's leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. The Manitowoc Company, Inc.Carl J. LaurinoSenior Vice President& Chief Financial Officer920-652-1720