UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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| Item 1.01. | Entry into a Material Definitive Agreement. |
Amarillo National Bank Financing
On May 4, 2023, Manitex International, Inc. (the “Company”), the Company’s domestic subsidiaries and Amarillo National Bank (the “Lender”) entered into a First Amendment (the “Amendment”) to the Commercial Credit Agreement dated as of April 11, 2022 (the “Credit Agreement”), by and among the Company, the Company’s domestic subsidiaries and the Lender. The Amendment is effective as of April 11, 2023.
The Amendment extends the maturity of the $40,000,000 revolving credit facility under the Credit Agreement (the “Operating Note”) from April 11, 2024 to April 11, 2025; provided that if there is no existing Event of Default (as defined in the Credit Agreement) under the Operating Note on April 11, 2025, the maturity of the Operating Note will be extended to April 11, 2027. This process will repeat on April 11 of each year following 2025, such that the maturity of the Operating Note will continue to extend in one-year increments; provided that the Lender will give the Borrower (as defined in the Credit Agreement and including the Company) one hundred twenty (120) days’ prior written notice if it does not intend to extend the then-maturity date of the Operating Note.
The Amendment also extends the maturity of the $30,000,000 revolving credit facility under the Credit Agreement from April 11, 2024 to April 11, 2025. The maturity of the term loan under the Credit Agreement remains October 11, 2029.
The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 10.1 | First Amendment, dated May 4, 2023, to Commercial Credit Agreement, dated effective as of April 11, 2023, by and among Manitex International, Inc., Manitex, Inc., Manitex, LLC, Crane and Machinery, Inc., Crane and Machinery Leasing, Inc., Manitex Sabre Inc., Badger Equipment Company, Rabern Holdco, Inc. and Rabern Rentals, LLC, and Amarillo National Bank. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MANITEX INTERNATIONAL, INC. | ||
| By: | /s/ Joseph Doolan | |
| Name: | Joseph Doolan | |
| Title: | Chief Financial Officer | |
Date: May 5, 2023