The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

The Manitowoc Company Announces Public Offering of Senior Notes

Thursday, October 04, 2012

The Manitowoc Company Announces Public Offering of Senior Notes09:25 EDT Thursday, October 04, 2012 MANITOWOC, Wis. (Business Wire) -- The Manitowoc Company, Inc. (NYSE: MTW) today announced that it had commenced a public offering of $250 million aggregate principal amount of its senior notes due 2022, subject to market and other conditions. Manitowoc plans to use the net proceeds of the offering to redeem the entire $150 million aggregate principal amount of its 7 1/8% senior notes due 2013 and to repay a portion of the outstanding borrowings under its senior secured credit facilities. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC are the joint book-running managers for the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of a shelf registration statement Manitowoc filed with the Securities and Exchange Commission, copies of which may be obtained by contacting J.P. Morgan Securities LLC, Attention: High Yield Syndicate, 383 Madison Avenue, 3rd Floor, New York, NY 10179, or by calling (800) 245-8812, Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by calling (800) 503-4611 or Wells Fargo Securities, LLC, Attention: Client Support, 550 South Tryon Street, 7th Floor, MAC D1086-070, Charlotte, NC 28202, or by calling (800) 326-5897. An electronic copy of the prospectus and prospectus supplement is available from the Securities and Exchange Commission's website at www.sec.gov. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About The Manitowoc Company, Inc. Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 manufacturing, distribution, and service facilities in 25 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 25 market-leading brands of hot- and cold-focused equipment. In 2011, Manitowoc's revenues totaled $3.7 billion, with more than half of these revenues generated outside of the United States. 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 revenues, margins, costs, and capital expenditures;unanticipated issues affecting the effective tax rate for the year;uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;the ability to increase operational efficiencies across each of Manitowoc's business segments and to capitalize on those efficiencies;the ability to capitalize on key strategic opportunities;the ability to generate cash and manage working capital consistent with Manitowoc's stated goals;pressure of financing leverage;matters impacting the successful and timely implementation of ERP systems;foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;changes in raw material and commodity prices;unexpected issues associated with the quality of materials and components sourced from third parties and the resolution of those issues;unexpected issues associated with the availability and viability of suppliers;the risks associated with growth;geographic factors and political and economic risks;actions of competitors;changes in economic or industry conditions generally or in the markets served by Manitowoc;unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment and foodservice equipment in emerging economies, and changes in demand for used lifting equipment and foodservice equipment;global expansion of customers;the replacement cycle of technologically obsolete cranes;the ability of Manitowoc's customers to receive financing;foodservice equipment replacement cycles in national accounts and global chains, including unanticipated issues associated with refresh/renovation plans by national restaurant accounts and global chains;efficiencies and capacity utilization of facilities;issues related to new plant start-ups;issues related to plant closings and/or consolidation of existing facilities;issues related to workforce reductions and subsequent rehiring;work stoppages, labor negotiations, labor rates, and temporary labor costs;government approval and funding of projects;the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, and joint ventures;realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;changes in laws throughout the world;natural disasters disrupting commerce in one or more regions of the world; andrisks and other factors cited in Manitowoc'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, 2011. The Manitowoc Company, Inc.Carl J. LaurinoSenior Vice President and Chief Financial Officer920-652-1720