You'd think so. But that hasn't been the way the market has acted as of late. It seems to take any opportunity at all to press down stock values. None of it makes much sense right now. Today's rally is nice, however. Maybe a couple of more days with "good news" will start a sustainable rally.
Murah, where did you get your figure of $120m a year, is that a random number? Amendment increased total net interest rates 400 basis points. On $3.1B that is $12.4M (not over $100M!). And the $100M was pre-paid debt.
In any case, if this is an example of the worst that can happen due to MTW's debt convenants I am moving on to other concerns.
I'll refer to the market's net reaction today. The name of the game this year is to keep your head above water and be better prepared than competitors for the next sales up-cycle (if not acquire competitors).