Gehl, Linde extend credit arrangements

News Story
- 2 Jul 2009 ( #417 ) - Ancenis, France and Munich, Germany
2 min read
Gehl has updated its funding arrangements
Gehl has updated its funding arrangements
Manitou has announced that its subsidiary, Gehl Company, has entered into an amendment of its bank credit agreement allowing continued borrowing for the next 24 months.

Gehl's amended credit agreement with its US bank lenders provides for a total credit commitment of USD105 million and a term of 24 months.

This agreement includes two separate credit facilities: a revolving line for USD80 million based on the company's North American inventories and accounts receivable maturing on June 26, 2011, and a term loan of USD25 million payable in quarterly instalments until June 26, 2011.

As part of the amended credit agreement, Gehl has granted to its bank lenders a security interest in all of its North American assets. The amended credit agreement replaces the company's October 2006 USD125 million unsecured credit facility.

The amended credit agreement addresses all matters that gave rise to the Forbearance Agreement the company entered into with its lenders in April. The company has significantly reduced its outstanding borrowing, using operating cash-flows created in part by the cost savings initiatives implemented over the past months.

Malcolm "Mac" F. Moore, Gehl president, notes that in an unprecedented financial and economic environment, his team has been successful in renegotiating its credit line. "This important achievement should bolster the confidence of our business partners and employees and allow us to devote our full attention to running the business and preparing for the eventual upturn of the compact equipment marketplace".

Gehl is a manufacturer and distributor of compact equipment used worldwide in construction and agricultural markets. In October 2008, it became a subsidiary of the Manitou Group which designs, assembles and distributes material handling equipment serving the construction, agriculture and industrial sectors.

Meanwhile, the Linde Group has announced that it has signed a two-year Euro-denominated forward-start revolving credit facility in an amount of EUR 1.6 billion (USD2.2 billion) available from 2011.

The credit facility will be available at the time Linde's existing revolving credit facility expires on 3 March, 2011. It will be the company's primary liquidity source from banks and is available for general corporate purposes.
US equipment finance industry confidence at three-year high
US equipment finance industry confidence at three-year high 28 Nov 2024 - Washington, DC, United States - 1 min read
LiuGong adds PEAC financing
LiuGong adds PEAC financing 22 Aug 2024 - Mount Laurel, NJ, United States - 1 min read
Briefs
Briefs 15 Jun 2023 - 2 min read
Previously about:
Manitou unveils new compact telehandler News Story - 22 Feb 2024 - New Orleans, LA, United States - 1 min read
Anderson Machinery Company recognised News Story - 29 Oct 2020 - West Bend, WI, United States - 1 min read
Manitou expects sales to decline in 2009 News Story - 19 Mar 2009 - Paris, France - 1 min read
LogiMAT records 43% increase in exhibitors from China News Story - 3 Apr 2025 - Stuttgart, Germany - 4 min read
Geopolitics and macroeconomics large concerns for materials handling sector News Story - 20 Mar 2025 - Stuttgart, Germany - 3 min read
Caterpillar financial results News Story - 7 Nov 2024 - Woking, United Kingdom - <1 min read
New product launches at Bauma News Story - 24 Apr 2025 - Munich, Germany - 2 min read
Manitou and Kiloutou unveil retrofitted electric telehandler News Story - 13 Jun 2024 - Ancenis, France - 1 min read
Manitou strikes asset deal with Dezzo Equipment News Story - 16 May 2024 - Chloorkop, South Africa - 1 min read
Do you have materials handling news? Submit your news here
Inside The News
This week Forkliftaction News is celebrating its 25th anniversary! A wonderful achievement given we launched at a time when just 6% of the world’s population were internet users, according to Internet World Stats . Over the coming weeks, we will be sharing stories about our history and rolling out more celebrations, so keep an eye out... Continue reading

It’s the year 2000. You’re in front of a boxy beige desktop waiting for the screeching ramblings of your dial-up to reach its finale. You go to Yahoo!, MSN, or maybe AOL, and start the mind-numbing process of finding your very specific needle in the digital haystack. And with web pages loading one image at a time, patience isn’t just a virtue – it’s a requirement!

As clumsy as this early iteration seems now, this technology was the great enabler that allowed Forkliftaction to connect to the industry across the globe.  

To everyone who has connected with Forkliftaction in the past 25 years, thank you for your contribution to our success! We feel deeply touched by your words of encouragement.

What has Forkliftaction meant to you? Drop us a line.

Words of support …

After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.

Lawrence Xu, Assistant Sales Manager

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Since July 2000, Forkliftaction News has been your guide to the developments that are shaping your industry.

Starting today we are also looking back on some of the key news stories from our extensive news archive.

In the news email and on the website, you'll see links to stories that were 'leading our news' multiple years ago, with topics spanning world-first products, big acquisitions, and major industry shifts.
We hope you enjoy this unique insight into the materials handling industry!

Inside The News
This week Forkliftaction News is celebrating its 25th anniversary! A wonderful achievement given we launched at a time when just 6% of the world’s population were internet users, according to Internet World Stats . Over the coming weeks, we will be sharing stories about our history and rolling out more celebrations, so keep an eye out... Continue reading

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Since July 2000, Forkliftaction News has been your guide to the developments that are shaping your industry.

Starting today we are also looking back on some of the key news stories from our extensive news archive.

In the news email and on the website, you'll see links to stories that were 'leading our news' multiple years ago, with topics spanning world-first products, big acquisitions, and major industry shifts.
We hope you enjoy this unique insight into the materials handling industry!