Manitex International completed a new credit agreement with The Private Bank to provide a $45 million, three-year credit facility. This new facility replaces the company’s previous credit facility and provides reduced interest costs and less restrictive financial covenants to Manitex International.

According to a related 8-K filing, The PrivateBank served as administrative agent and sole lead arranger for the transaction.

The indebtedness is collateralized by substantially all of the company’s assets, except the assets of ASV, CVS and PM.

Chairman and Chief Executive Officer David J. Langevin, commented, “Despite continued weakness in the capital equipment markets we continue to take key actions to strengthen our financial position and support the future growth of our business. The new credit facility with PrivateBank provides our company with an enhanced ability to focus our resources on achieving our strategic objectives this year.”

The company expects to incur a charge in Q2/16 to reflect deferred financing fees and expenses associated with the previous credit facility, which is expected to impact Q2 net earnings by approximately $1.4 million.

Manitex International is a provider of highly engineered specialized equipment including boom trucks, cranes, container handling equipment and reach stackers, rough terrain forklifts and other related equipment. The company’s brands include Manitex, CVS Ferrari, PM, Badger, Liftking, Sabre and Valla.