Manitowoc To Refinance Its DebtZacks Investmentupdated Jan 18, 2010TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.The Manitowoc Company, Inc. (MTW) announced its plans to refinance a portion of its term loans under its senior secured credit facility with senior unsecured notes. The company has not finalized on amount of the offering, but said that it is expected to be around $400 million. The offering is tentatively planned for the second half of January. The company said that this refinancing will improve the balance and flexibility of its capital structure. It will extend required maturities for a portion of Manitowoc’s long-term debt and will introduce a greater amount of unsecured debt into the company's capital structure. In addition, Manitowoc plans to amend its senior credit agreement to provide the company with additional flexibility under its financial covenants. The company said that the effectiveness of the amendment is conditioned upon the funding of the contemplated senior unsecured notes offering. Manitowoc is focused on reducing its debt. Management stated that the company has surpassed its targeted full-year 2009 debt reduction target of $450 million by approximately $20 million, bringing total debt reduction since the acquisition of Enodis plc to over $750 million. The $2.7 billion acquisition of Enodis plc, which the company completed in October 2008, had increased the company’s debt to $2.5 billion as of December 31, 2008. Manitowoc is a capital goods manufacturer with more than 100 manufacturing and service facilities in 27 countries. The company provides lifting equipment for the global construction industry, and it also manufactures commercial foodservice equipment.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.