MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
As previously disclosed, on July20, 2016, Manitex International, Inc. (the “Company”) and certain of its subsidiaries entered into a Loan and Security Agreement (as amended, the “Loan Agreement”) with The Private Bank and Trust Company, now known as CIBC Bank USA (“CIBC”). The Loan Agreement provides the Company with a revolving credit facility, which has a maturity date of July20, 2019. The Loan Agreement was subsequently amended by a First Amendment dated as of August2, 2016, a Second Amendment dated as of September30, 2016, a Third Amendment dated as of November8, 2016, a Fourth Amendment dated February10, 2017 and a Fifth Amendment dated April26, 2017.
On March9, 2018, the parties to the Loan Agreement entered into a sixth amendment to the Loan Agreement (the “Sixth Amendment”). The main modifications to the Loan Agreement resulting from the Sixth Amendment are as follows:
| • | a consent to the intercompany loan in the amount of $1,500,000 made to PM Group S.p.A. (“PM Group”), an Italian subsidiary of the Company, in December 2017; |
| • | a waiver of any Default or Event of Default caused by the reclassification of certain revenue previously recognized by the Company in the 2016 fiscal year due to the Company’s financial restatement; |
| • | amendments to the definitions of “EBITDA” and “Fixed Charges” to account for certain impacts arising from the financial restatement; |
| • | a consent to the sale by the Company of up to all of its equity interests in ASV Holdings, Inc. (“ASV”), provided that the proceeds are used to repay outstanding revolving loans under the Loan Agreement; |
| • | a consent to an additional equity investment in, or intercompany loan to, PM Group from the Company, using all or a portion of the remaining proceeds from the sale of the Company’s equity interests in ASV; and |
| • | additional limitations on investments by the Company in foreign subsidiaries, other than the transactions with PM Group described above. |
The foregoing description of the Sixth Amendment is qualified in its entirety by reference to the full text of the Sixth Amendment, which is attached as Exhibit10.1 to this Current Report on Form8-K and incorporated by reference herein.
| Item 1.01. | Financial Statements and Exhibits. |
(d) Exhibits
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ExhibitNo. |
Description |
| 10.1 | Sixth Amendment to Loan and Security Agreement, dated as of March 9, 2018, by and among Manitex International, Inc., Manitex Inc., Manitex Sabre, Inc., Badger Equipment Company, Crane and Machinery, Inc., Crane and Machinery Leasing, Inc., and Manitex, LLC, CIBC Bank USA (f/k/a The PrivateBank and Trust Company) and the lenders party thereto. |
Manitex International, Inc. ExhibitEX-10.1 2 d500594dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this Amendment) entered into as of this 9th day of March,…To view the full exhibit click here
About MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX)
Manitex International, Inc. is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries. In the ASV segment, the Company manufactures a line of compact rubber tracked and skid steer loaders. In the Equipment Distribution segment, the Company markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling, and sign construction and maintenance. The Company, through its subsidiary Manitex, Inc., markets a line of boom trucks, truck cranes and sign cranes.