BRIDGEVIEW, IL--(Marketwired - Dec 28, 2016) - Manitex International, Inc. (
ASV, LLC Chief Executive Officer, Andrew Rooke commented, "We are excited to announce the successful refinancing of ASV, which provides an immediate benefit of lower interest cost, expected to be approximately $1.0 million on an annual basis, and establishes a more flexible facility as we enter 2017, the third year of our operation as an independent Joint Venture. This is a key action to strengthen our financial position and support the future growth of our business. The interest cost savings we secure from this refinancing will be used to repay Term Debt at a faster rate than under our prior agreement, thereby accelerating our deleveraging."
The company expects to incur a charge in the fourth quarter of 2016 to reflect a prepayment at closing of $0.4 million and the remaining unamortized balance of costs associated with the previous credit facility, which is expected to impact Q4 net earnings by approximately $2.2 million.
About ASV ASV, LLC is a joint venture between Manitex International, Inc. and Terex Corporation, and manufactures and sells a line of high quality compact track and skid steer loaders under the ASV and Terex brands from its facility in Grand Rapids, Minnesota.
About Manitex International, Inc. Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom trucks, cranes, Our products, which are manufactured in facilities located in the USA, and Italy, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, ASV, Badger, Sabre, and Valla. ASV, our Joint Venture with Terex Corporation, manufactures and sells a line of high quality compact track and skid steer loaders.
Contact: Manitex International, Inc. David Langevin Chairman and Chief Executive Officer (708) 237-2060 Email Contact Darrow Associates, Inc. Peter Seltzberg Managing Director Investor Relations (516) 419-9915 Email Contact
