Cloud Crane talks $470 million secured notes to yield 10¼% to 10½%, pricing Friday

By Paul A. Harris

Portland, Ore., July 14 – Cloud Crane talked $470 million of eight-year senior secured second-lien notes (B3/B) to yield 10¼% to 10½%, according to a market source.

Official talk comes tight to initial guidance in the 10½% area.

The books close at 11 a.m. ET on Friday and the deal is set to price thereafter.

J.P. Morgan Securities LLC, Barclays and Jefferies Group are the joint bookrunners for the Rule 144A offering.

The notes come with three years of call protection.

Proceeds will be used to finance the acquisition and merger of AmQuip Crane Rental and Maxim Crane Works by Apollo Global Management LLC.

The prospective issuer is a Pittsburgh-based heavy equipment rental service.

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