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Manitex Repays $15.5 Million of Convertible Notes, Reduces Debt by $2 Million


Jan. 6, 2021 - Manitex International Inc. has entirely repaid two convertible notes that were due in December 2020 and January 2021, totaling $15.5 million, which included all remaining principal and accrued interest. The company has also paid down $2.0 million in European term debt associated with Manitex's subsidiary, PM Group, SpA. The paydowns were funded through $7.8 million in draws on the revolver and cash from the U.S.

The notes, issued by Manitex International in 2014 and 2015 to both Terex Corporation and MI Convert Holdings, funded various Manitex acquisitions and other strategic growth initiatives. Terex Corporation remains a significant investor in Manitex International, Inc., holding over 1.1 million MNTX common shares per most recent public filings with the SEC.

Joe Doolan, chief financial officer of Manitex International, Inc., commented, "Despite the very challenging operating environment, largely caused by the global COVID-19 pandemic , we have taken consistent actions throughout the year to align our production with forecasted demand, focus on cash generation, and improve our balance sheet. We expect to enter 2021 with net debt of approximately $30 million, the lowest level for our company in nearly a decade, and global liquidity of approximately $30 million between our cash and credit lines."

"Also importantly, an amendment to our US revolving credit, as previously disclosed in December, allows for even further benefits to our financial flexibility that will help us continue to execute our recovery and growth plans," concluded Doolan.

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