04:45 AM EDT, 09/06/2024 (MT Newswires) -- Manitowoc (MTW) said late Thursday it priced at par a $300 million private offering of 9.250% senior secured second lien notes due 2031.

Manitowoc intends to use the net proceeds and other cash to redeem its 9% senior secured second lien notes due 2026.

The company also disclosed that the commitments under its asset-based revolving credit facility will increase by $50 million to $325 million.

The private offering will likely close on Sept. 19, subject to conditions such as the company entering an amended credit facility.

Price: 9.25, Change: -0.01, Percent Change: -0.11