MANITOWOC, Wis.--(BUSINESS WIRE)--Oct. 4, 2012--
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 Statements
This 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; and
-
risks 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.
Source: The Manitowoc Company, Inc.
The Manitowoc Company, Inc.
Carl J. Laurino
Senior Vice
President and Chief Financial Officer
920-652-1720