Deutsche Bank Nets Manitowoc Commitments
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Deutsche Bank Nets Manitowoc Commitments

Deutsche Bank has reportedly received $200 million in commitments for the $325 million pro rata piece of its $475 million senior secured deal for Manitowoc Company, Inc. French bank, Natexis Banque Populaire, Bank of New York, First Star and State Bank of India, are among the syndicate, noted a banker. Commitments of $25 million and $15 million to the pro rata receive upfront fees of 62.5 basis points and 37.5 basis points respectively. Carl Laurino, assistant treasurer at Manitowoc, could not be reached for comment by press time. The "B" tranche was three times oversubscribed and pricing flexed down by 25 basis points to LIBOR plus 2 7/ 8%.

The Wisconsin-based lattice-boom crane manufacturer tapped Deutsche Bank to raise the $125 million revolver, $200 million term loan and $175 term loan "B" to back the approximately $300 million acquisition of Potain Tower Cranes, a Lyon, France-based crane maker. The pro rata is priced at LIBOR plus 2 5/8% and was expected to fill by the end of last week, according to a banker familiar with the situation.

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