Maxim Crane lifts spread on second-lien loan to Libor plus 925 bps

By Sara Rosenberg

New York, Nov. 20 - Maxim Crane Works Holdings Inc. raised pricing on its $325 million second-lien term loan (Caa2/B) to Libor plus 925 basis points from Libor plus 775 bps, according to a market source.

Also, the call protection was changed to non-callable for six months, then at 103 for six months, 102 for a year and 101 for the following year, from non-callable for six months, then at 102 for 18 months and at 101 for a year, the source said.

As before, the loan has a 1% Libor floor and an original issue discount of 981/2.

Recommitments were due on Wednesday, the source added.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Maxim Crane is a Pittsburgh-based full-service crane rental and sales company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.