Gehl Secures 24-month Financing Extension

July 6, 2009 10:56 AM

Manitou subsidiary Gehl Company has secured an extension of $105 million in credit for a term of 24 months.

During the past months, the company has made a focused effort to reduce its outstanding borrowed funds to be in a position to renegotiate its credit line. The new credit agreement addresses the matters that brought about the Forbearance Agreement Gehl entered into with its U.S. bank lenders on April 16, 2009.

Parent company Manitou says Gehl's announcement will allow the entire corporate group to move forward with its business.

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