11:00 AM EDT, 09/03/2024 (MT Newswires) -- Manitowoc (MTW) said Tuesday it plans to raise $300 million via a private offering of senior secured second lien notes due 2031, subject to market and other conditions.

Among the conditions is a revision to the company's existing asset-based revolving credit facility to increase the commitments by $50 million to $325 million, it said.

The company said it plans to use the net proceeds to redeem all of its outstanding 9.00% senior secured second lien notes due 2026, pay related fees and expenses, and for general corporate purposes.

Shares of the company were down more than 2% in recent trading.

Price: 9.85, Change: -0.24, Percent Change: -2.38