Manitou, Gehl--Gehl Company Reaches Significant Milestone in Refinancing Effort

Manitou recently announced that its subsidiary Gehl Company sold $36 million of existing finance contracts receivables to a third party lender. The proceeds of this transaction were used to repay in full Gehl’s existing securitization program ($19.5 million) and reduce the principal amount outstanding under the Revolving Tranche of Gehl’s Credit Facility to $20 million. This comes after Gehl reimbursed in full the Term Loan portion of its Credit Facility earlier in March.