Manitex Expands Credit Facilities and Extends Term Loan

July 9, 2008 • Manitex International, Bridgeview, Ill., announced it has amended its various credit facilities with Comerica Bank, effective June 30, 2008. The amendments increase borrowing availability under certain credit lines, extend the maturity date on the revolving credit facilities and term loan, and provide additional borrowing flexibility.

 

Under the amendments, the maturity date on the U.S. and Canadian revolving lines of credit and a term loan, has been extended to April 1, 2010 from April 1, 2009, the amount of the U.S. credit line increases to $20.5 million from $18.5 million, and the Canadian credit facility allows for borrowing based in U.S. dollars.

 

"This is another important step forward for Manitex International,” said Andrew Rooke, chief executive officer. “We have transformed the company over the last two years into a profitable enterprise with positive cash flows and a strengthened balance sheet. We believe these amendments of our credit facility represent Comerica's recognition of our strengthened financial position despite a challenging global economic environment in which many lending institutions are tightening their lending criteria."