| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Maxim Crane Works Holdings, Inc. > News item |
Maxim Crane secures $340 million financing for stock tender; ups price range
By Laura Lutz
Des Moines, July 2 - Maxim Crane Works Holdings, Inc. amended its ongoing Dutch auction stock tender offer and settled a $390 million credit agreement to fund the tender, according to a company news release.
The company is now offering to purchase up to 2.5 million of its shares, and share equivalents, for no greater than $54.00 and no less than $48.75 per share. The upper and lower limits were previously set at $51.00 and $48.75, respectively.
The expiration date was also pushed back to July 20 from June 29.
The offer launched on June 4.
Maxim Crane said that tenders that have already been received do not need to be re-tendered. Shares that have been tendered at prices below $48.75 will automatically be deemed to have been tendered at $48.75.
To help fund the offer, the company entered into a $390 million senior secured credit agreement on June 29. The deal consisted of a $340 million term loan facility and a $50 million revolving credit facility.
Borrowings under the facility will initially bear interest at Libor plus 200 basis points.
Bank of America, NA is the lead bank for the credit agreement.
Settlement of the credit facility satisfies the financing condition for the tender offer. There is no minimum tender condition.
The 2.5 million shares covered by the tender offer represent about 24.5% of the company's outstanding shares as of May 18.
As of 6 p.m. ET on June 29 - the original expiration date - 274,857 shares had been tendered and not withdrawn.
Goldman, Sachs & Co. is the dealer manager, and D.F. King & Co., Inc. is the information agent.
Maxim Crane is a Bridgeville, Pa., crane rental 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.