Maxim Crane Works, the only coast-to-coast provider of comprehensive lifting services in the United States, prices $500M second lien bond issue
Maxim Crane Works Holdings Capital, LLC ("Maxim" or the "Company") today announced the pricing of $500 million aggregate principal amount of 11.50% Second-Priority Senior Secured Notes due 2028 (the "Notes"). In advance of the Notes offering, the company received an upgraded corporate credit rating from Moody's, from B3 to B2.
The Company intends to use the proceeds of the offering to redeem the Company's outstanding 10.125% Second-Priority Senior Secured Notes due 2024, to partially repay borrowings under its ABL Facility and to pay related fees and expenses. The offering is expected to close on or about August 31, 2023, subject to customary closing conditions.
Paul McDonnell, Maxim's Chief Executive Officer, stated: "We are excited to announce the pricing of our bond offering and are highly encouraged by investors' support of the Company. We have continued to deliver improved results, as highlighted in our 2Q press release, in which we noted our record financial results for the quarter and twelve months ended June 30, 2023. We are also encouraged by our ratings upgrade from Moody's, which reflects the positive momentum in the business."
"As the only coast-to-coast lifting solutions provider, we believe that Maxim is uniquely positioned to capture the potential growth across key customer verticals throughout our footprint, specifically in infrastructure, industrial manufacturing, and renewable energy," added McDonnell.
The issuance and sale of the Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction and the Notes are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Maxim Crane Works, L.P.
Maxim Crane Works is the only coast-to-coast provider of comprehensive lifting services in the United States. The Company specializes in the rental of heavy-lift equipment (with or without operating crews), including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, all-terrain cranes, boom trucks and hoists. Customer verticals served include the non-residential construction, infrastructure, and industrial sectors.
Situated in 57 locations across the United States, each branch can provide management, rigging, engineering, transportation, and outsourcing ? making Maxim's product and service offerings the most far-reaching in the industry and across the United States.
Note to Readers: Forward-Looking Statements
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in its industry, to differ materially from the anticipated results, performance, achievements, or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions, or circumstances. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein which speak only as of the date they are made. Forward-looking statements relate to, among other things, expected closing of the offering of the Notes, and the use of proceeds from the offering of the Notes. The risks and uncertainties that may affect forward-looking statements include the risk that the Note offering is not concluded, and other risks detailed from time to time in the offering memorandum relating to the Notes offering. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and other than as required by applicable securities laws, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
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