Conyers advised on certain transactions dealing with the withdrawal of certain originators. This was the 2nd amendment to the 5th Amended and Restated Receivables Purchase Agreement (which value was 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. This deal is significant because it is an example of the increasing securitization activity that we are beginning to see in the market place following a quiet period post-2008. Conyers views these instructions and others like it, as a sign of a revival in the global securitization market and is optimistic about the growth of this sector.
Kevin Butler, Head of Conyers’ Cayman office, advised on the matter, working alongside Quarles & Brady LLP and Mayer Brown LLP.