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Manitex, bank amend credit agreements

Wednesday, 20 Jul 2011 ( #523 ) - Bridgeview, IL, United States
News Story
Manufacturer-distributor Manitex International Inc and Comerica Bank have agreed to amend credit agreements increasing Manitex’s borrowing capacity, lowering interest rates and extending the maturity date.

Maximum borrowing capacity was increased to USD22.5 million from USD20.5 million for the revolving US credit facility, CDN6.5 million from CDN5.5 million for the revolving Canadian credit facility and USD1 million from USD500,000 for the equipment-line revolving credit facility.

Interest rates were reduced to prime from prime-plus-1.5% for the US and equipment facilities and prime from plus-2.5% for Canadian dollar borrowing.

The maturity date was extended to 1 April 2015 from 1 April 2012.

Comerica Bank is a retail banking operation of financial services company Comerica Inc of Dallas, Texas.

On 1 July, Manitex subsidiary CVS Ferrari srl completed closing procedures with the Italian court’s concordato preventivo proceeding to obtain certain assets of CVS SpA in Rovoleti di Cadeo, Italy near Milan ( News #519). Comerica Bank agreed to an USD1.85-million four-year term load to assist with the CVS transaction.

At the annual meeting of Bridgeview-based Manitex on 26 May, stockholders ratified the appointment of UHY LLP as the company’s independent registered public accounting firm for the year ending 31 December 2011. UHY is a US member of London-based Urbach Hacker Young International Ltd. The Sterling Heights, Michigan office of UHY consented to the content in the 2010 Manitex annual report.
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