Manitowoc ClosesTrade Receivables Securitization Facility
Friday, December 09, 2005
The Manitowoc Company, Inc. has closed a significant trade receivables securitization. The securitization was arranged by the Finacity Corporation and Harris Nesbitt. Manitowoc and Finacity successfully structured a three-year transaction that provides Manitowoc with funding for receivables assigned from its operating subsidiaries. The three-year agreement will provide Manitowoc cash proceeds of up to $60 million through the ongoing purchase of the receivables from certain domestic and Canadian accounts.
Manitowoc has partnered with Harris Nesbitt's commercial paper conduit, Fairway Finance Co., to fund the transaction.