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Finacity Corporation and Harris Nesbitt have arranged the closing of a trade receivables securitisation for The Manitowoc Company – a three-year transaction that provides Manitowoc with funding for receivables assigned from its operating subsidiaries.


The three-year agreement will provide Manitowoc cash proceeds of up to US$60mn through the ongoing purchase of the receivables from certain domestic and Canadian accounts. Harris Nesbitt’s commercial paper conduit, Fairway Finance, will fund the transaction.

Carl Laurino, senior vice-president and chief financial officer, states: “For more than a decade, Manitowoc has used the EVA methodology to maximise our use of assets, and this new facility is another example of our commitment to strong cash generation. This facility will provide an attractive source of low cost funds that can now be deployed at higher rates of return. We are very pleased that we were able to complete this transaction with the support of Harris Nesbitt and the Finacity Corporation.”

“Harris Nesbitt is very excited to have partnered with Finacity to provide Manitowoc a cost-effective alternative form of liquidity with this financing,” said Dave Kucera, a managing director at Harris Nesbitt.

Manitowoc is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks.

As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the US maritime industry.