Manitowoc Completes Offering of Senior Subordinated Notes

The Manitowoc Company, Inc. announced that it has completed the private offering of $175 million of 10 ½ percent senior subordinated notes due 2012. Manitowoc's obligations under the notes are guaranteed by certain of its U.S. subsidiaries. Manitowoc will use the net proceeds from the sale of the notes to complete its acquisition of Grove Investors, Inc. and its subsidiaries. The issuance of the notes and the guarantees was not registered under the Securities Act of 1933, as amended, or applicable state securities laws. The notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and pursuant to Regulation S. Unless so registered, the notes and the guarantees may not be re-offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.