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Author Topic: MTW -- running off solid news today
jtcyclone101
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MTW -- great news out today --- (more coverage)

http://www.quote.com/us/stocks/quote.action?s=MTW

http://www.quote.com/news/story.action?id=MTO015u9360

The Manitowoc Company, Inc. (NYSE: MTW) +11.90%


MTW hits 52 wk high off bedt refinancing plan

http://www.quote.com/news/story.action?id=FBM015m2301

UPDATE 1-Manitowoc shares climb on refinance plan
Fri Jan 15, 2010 11:22am EST
Stocks

The Manitowoc Company, Inc.
MTW.N
$14.00
+0.95+7.28%
10:18am CST

(Adds details, analyst comments, updates share movement)

BOSTON, Jan 15 (Reuters) - Shares of Manitowoc Co (MTW.N) rose 12 percent to a year-high on Friday, a day after the maker of cranes said it planned to refinance about $400 million in debt to increase its financial flexibility.

The company is also seeking related amendments to financial covenants on its senior credit agreement, it said in a statement Thursday.

The potential success of the senior unsecured notes offering would alleviate existing covenant concerns for the company, according to analysts.

"(Manitowoc's) ability to de-lever the balance sheet faster than expected is a significant positive and suggests that the company is seeing earnings momentum and successfully liquidating working capital ahead of our expectations," Deutsche Bank analyst Nigel Coe wrote in a note.

The Manitowoc, Wisconsin-based company said late on Thursday that it had paid down about $470 million in debt in 2009, $20 million more than it had planned.

"Achieving its debt reduction targets for the year also restores some confidence in their ability to monetize working capital in the current environment," Macquarie Securities analyst Steven Song said.

Funding the $2.7 billion Enodis acquisition in 2008 saw Manitowoc incurring a debt of $2.5 billion, as of Dec. 31.

Shares of the company were up 8 percent at $14.10 in late morning trade on the New York Stock Exchange. They touched a high of $14.60 earlier in the session. (Reporting by Scott Malone in Boston, Bijoy Koyitty in Bangalore; editing by Dave Zimmerman and Gopakumar Warrier)


website -- http://manitowoc.com/en/default.cfm

outstanding chart building here -- http://stockcharts.com/h-sc/ui?s=mtw

Contact Information
920-684-4410
info@manitowoc.com

yahoo link -- http://finance.yahoo.com/q?s=mtw

--------------------
fLIP THEM all ~~ !!

Posts: 41 | From: dallas | Registered: Jan 2010  |  IP: Logged | Report this post to a Moderator
   

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