Manitex International, Inc. and certain of its subsidiaries currently are parties to a credit agreement with Comerica Bank and Fifth Third Bank. On January 6, 2015, the company and the Banks entered into amendment No. 6 to the credit agreement.

The principal modification to the credit agreement resulting from the amendment is the express authorization from the Banks for the company to enter into the note purchase agreement. On January 9, 2015, the company and its U.S. subsidiaries and its Canadian subsidiary, Manitex Liftking ULC as the Canadian Borrower, entered into an amended and restated credit agreement with the Banks. Comerica is serving as the U.S. Agent for Banks, Administrative Agent and Sole Lead Arranger, and through its Toronto branch, is serving as Canadian Agent for all Canadian Lenders.

The new credit agreement provides the company with financing of $71 million comprised of (a) a $45 million senior secured revolving credit facility to the U.S. Borrowers, (b) a $14 million secured term loan to the U.S. Borrowers and (c) a $12 million (or the Canadian dollar equivalent amount) senior secured revolving credit facility to the Canadian Borrower. The three aforementioned credit facilities each mature on August 19, 2018. The new credit agreement amends and restates the existing credit agreement.

The proceeds from the U.S. Revolver and the Canadian Revolver are being used to finance working capital and for general corporate purposes of the company and its subsidiaries and to fund a portion of the purchase price to be paid in connection with the company's previously announced acquisition of PM Group s.p.a. The proceeds from the term loan will also be used to fund a portion of the acquisition of PM Group s.p.a. together with related expenses and bank fees related to the financing. Under the terms of the credit agreement, the company is required to pay customary closing fees for a credit facility of this size and type.