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Conyers advised on the establishment of a Cayman Islands securitization structure for this major multi-national manufacturing concern. This was the 1st amendment to the 5th Amended and Restated Receivables Purchase Agreement (valued at US$185 million).
The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing and service facilities in 27 countries. It is recognized as 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.
Manitowoc also is one of the world’s leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep and cooking needs of restaurants, convenience stores, hotels, healthcare and institution applications.
The structure was designed to effectively securitize its German and Canadian accounts receivables.
Kevin Butler, Head of Conyers’ Cayman office, advised on the matter, working alongside Quarles & Brady LLP, Mayer Brown LLP and Rodyk & Davidson LLP.