Maxim Crane Works Holdings Capital LLC announced the pricing of $500 million aggregate principal amount of 11.50 percent Second-Priority Senior Secured Notes due 2028. 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-percent 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 CEO, said: “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 12 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.”
The issuance and sale of the notes have not been, and will not be, registered under the Securities Act of 1933, as amended, 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.
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.
Maxim Crane Rental Corp., headquartered in Wilder, Ky., is No. 6 on the RER 100.