Maxim Crane announces early results, lifts cap in 2024 notes tender

By Taylor Fox

New York, Sept. 30 – Maxim Crane Works Holdings, Inc. wholly-owned subsidiary Maxim Crane Works Holding Capital, LLC announced the early tender results for its partial tender offer to purchase up to $125 million of its outstanding 10 1/8% second-priority senior secured notes due 2024 for cash, according to a news release.

As of the 5 p.m. ET on Sept. 29, the early tender deadline, $184.7 million, or 33.89%, of the notes had been validly tendered and not withdrawn. Maxim Crane said it is amending the terms of the tender offer to increase the tender cap to $132.39 million from $125 million.

The withdrawal deadline occurred at 5 p.m. ET Sept. 29.

The offer is scheduled to expire at 12 a.m. ET Oct. 13.

As previously reported, holders who validly tendered their notes prior to the early tender time are eligible to receive the total consideration, which includes an early tender premium equal to $30 per $1,000 of notes, plus interest.

The total consideration will be equal to the clearing price that will be determined pursuant to a modified Dutch Auction procedure by consideration of the bid price specified by each holder that validly tenders notes. The clearing price will be the lowest single bid price at which Maxim will be able to purchase notes in an amount not to exceed the tender cap, subject to any required proration.

D.F. King & Co., Inc. (800 399-1581, 212 269-5550) is the tender agent and information agent.

Deutsche Bank Securities Inc. (855 287-1922, 212 250-7527) is the dealer manager.

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

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