The Manitowoc Company
, Inc., announced its intention, subject to market and other conditions, to raise approximately $175 million, through a private offering of senior subordinated notes due 2012 to certain qualified institutional investors. In addition, Manitowoc’s obligations will be guaranteed by certain of its U.S. subsidiaries.
Manitowoc will use the net proceeds from the sale of the notes offered to refinance outstanding indebtedness of Grove Investors, Inc. and its subsidiaries. Manitowoc previously announced its agreement to acquire Grove.