Exhibit 99.2
| | FAX NEWS RELEASE | | |
| | For further information: | | |
| | | | |
The Manitowoc Company, Inc. | | Carl J. Laurino | | Steven C. Khail |
P. O. Box 66 • Manitowoc WI 54221-0066 | | Senior Vice President | | Director of Investor Relations |
Telephone: 920-684-4410 • Telefax: 920-652-9775 | | & Chief Financial Officer | | & Corporate Communications |
Internet: http://www.manitowoc.com | | Direct Dial: 920-652-1720 | | Direct Dial: 920-652-1713 |
| | Email: claurino@manitowoc.com | | Email: skhail@manitowoc.com |
NEWS for Immediate Release
MANITOWOC COMPANY COMPLETES
NEW FIVE-YEAR, $300-MILLION REVOLVING CREDIT FACILITY
MANITOWOC, Wis. – June 13, 2005 – The Manitowoc Company, Inc. (NYSE: MTW) today announced it has entered into a new five-year, $300-million, secured revolving credit facility, which replaces a $125-million facility that was due to expire in May 2006.
“We are very pleased with this new credit agreement,” said Terry D. Growcock, Manitowoc’s chairman and chief executive officer. “In addition to providing us with increased flexibility to support our growth strategies and pursue future opportunities, the new facility offers more favorable provisions, including the option of increasing the line at a later date to $550 million under the same terms.”
A syndicate of 13 banks is providing the new credit facility, and J.P. Morgan Securities Inc. acted as Sole Bookrunner and Sole Lead Arranger. JPMorgan Chase Bank, N.A. served as Administrative Agent and Bank of America, N.A. served as Syndication Agent. Documentation agents were Deutsche Bank, BNP Paribas, and U.S. Bank.
About The Manitowoc Company
The Manitowoc Company, Inc. is 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. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
Company contact:
Carl J. Laurino
Senior Vice President
& Chief Financial Officer
920-652-1720
