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UPDATE 1-Manitowoc says amended $2.63 bln credit facility

Mon Jun 15, 2009 8:49am EDT

Stocks

   

* Amended $2.63 bln senior credit facility

* Says amendment revises financial covenant ratios

June 15 (Reuters) - Manitowoc Co Inc (MTW.N) said it amended a $2.63 billion senior credit facility to improve its financial flexibility, as the diversified manufacturer continued to struggle with lower sales volumes and reduced profitability.

The amendment includes revised financial covenant ratios through the remaining life of the agreement, the company said in a statement.

"Our amendment was not driven by liquidity issues...," Chief Executive Glen Tellock said.

The 107-year-old company, known for its crawler cranes and boom trucks, has been hit hard by a steep drop in demand for cranes as a lack of credit has forced construction firms to cut capital spending on new projects.

Shares of the company closed at 6.36 Friday on the New York Stock Exchange. (Reporting by Dhanya Ann Thoppil in Bangalore; Editing by Aradhana Aravindan)



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