Manitex international, inc. enter into a loan and security agreement with cibc bank usa

On july 20, 2016, manitex international, inc. and certain of its subsidiaries entered into a loan and security agreement with cibc bank usa. the loan agreement provides the company with a revolving credit facility. the loan agreement was subsequently amended by a first amendment dated as of august 4, 2016, a second amendment dated as of september 30, 2016, a third amendment dated as of november 8, 2016, a fourth amendment dated february 10, 2017, a fifth amendment dated april 26, 2017, a sixth amendment dated march 9, 2018 and a seventh amendment dated july 23, 2018. on september 30, 2019, the parties to the loan agreement entered into an eighth amendment to the loan agreement (the “eighth amendment”). the main modifications to the loan agreement resulting from the eighth amendment are as follows: increasing the amount of the revolving loan commitment from $25 million to $30 million; consenting to the use of certain funds for general corporate purposes, including the repayment of subsidiary debt; modifying certain financial covenants, including the fixed charge coverage ratio; providing for the replacement of the libor rate with an alternative interest rate upon the phasing out of the libor rate; and extending the maturity date from july 20, 2021 to july 20, 2023.
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