MANITOWOC CO INC: Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)

Section 1.01 Entering into a Material Definitive Agreement

Amendment to the credit agreement

On May 19, 2022, Manitowoc, Inc. (the “Company”) and certain subsidiaries of the Company have entered into Amendment No. 2 to the Credit Agreement (the “Amendment”), with the lenders who are parties thereto and JPMorgan Chase Bank, North America., in its capacity as administrative agent and guarantee agent (in these capacities, the “Agent”), which has again amended this Credit Agreement, dated March 25, 2019
(as amended by Amendment No. 1 to the Credit Agreement, dated June 17, 2021the “Existing Credit Agreement” and, as modified by the Amendment, the “Amended Credit Agreement”), by and between the Company, the guarantors who are sometimes parties thereto, the lenders who are sometimes parties thereto and the Agent.

The amendment amends the existing credit agreement to, among other things, (i) extend the maturity date of the amended credit agreement to a date that is five years after the date of the amendment (subject to a due date of
December 30, 2025 if the Company’s junior secured notes due on April 1, 2026 with an annual coupon rate of 9.000% have not been repaid in full or refinanced before December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries, in the borrowing base used to calculate availability under the Amended Credit Agreement, (iii) allow separate financing of crane rental fleets not included in the borrowing base and (iv) replace WE Dollar LIBOR with interest rates based on SOFR.

Incorporation by reference

The foregoing description of the Amendment and related matters does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Schedule 10.1 to this Current Report on Form 8- K and incorporated herein by reference.

Section 2.03. Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.

The information set forth in Section 1.01 of this Current Report on Form 8-K regarding the Amendment is incorporated by reference in this Section 2.03 to the extent it relates to the creation of a direct financial obligation.

Item 9.01 Financial statements and supporting documents.

Exhibit No.   Description of Exhibit
10.1            Amendment No. 2 to Credit Agreement, dated as of May 19, 2022,
              among The Manitowoc Company, Inc., the guarantors party thereto, the
              lenders party thereto and JPMorgan Chase Bank, N.A., as
              administrative agent and collateral agent.

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