Bridgeview, Ill. – Manitex repaid two convertible notes that were due in December 2020 and January 2021, totalling $15.5 million. The company also paid off $2 million in European term debt associated with the PM subsidiary.
“Despite the very challenging operating environment, largely caused by the global COVID-19 pandemic, we have taken consistent actions throughout the year to align our production with forecasted demand, focus on cash generation, and improve our balance sheet,” said, Manitex Chief Financial Officer Joe Doolan. “We expect to enter 2021 with net debt of approximately $30 million, the lowest level for our company in nearly a decade, and global liquidity of approximately $30 million between our cash and credit lines.”
The notes, issued by Manitex in 2014 and 2015 to both Terex Corporation and MI Convert Holdings, funded various Manitex acquisitions and other strategic growth initiatives. Terex Corporation remains a significant investor in Manitex.
Print this page