Manitowoc amends credit agreement to extend maturity to May 2027, replace LIBOR with SOFR

MANITOWOC CO INC

Extends credit agreement maturity to 5 years from May 19, 2022; springing maturity to Dec 30, 2025 if 9% senior secured notes due 2026 not repaid/refinanced.
Permits inclusion of crane rental assets in borrowing base (subject to limits) and allows separate financing of crane rental fleets outside the base.
Replaces U.S. dollar LIBOR with SOFR-based interest rates.

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