Essex plans $170 million revolver with purchase by Hyde Park Acquisition

By Sara Rosenberg

New York, March 6 - Essex Crane Rental Corp. will be getting a new $170 million five-year asset-based revolving credit facility in connection with its acquisition by Hyde Park Acquisition Corp., according to an 8-K filed with the Securities and Exchange Commission Friday.

Pricing on the revolver is Libor plus 225 basis points.

There is a $25 million accordion feature for two years.

Security is a first-priority lien on substantially all of the assets of Essex.

Hyde Park is buying Essex from Kirtland Capital Partners for total consideration of $210 million plus transaction expenses and an adjustment for crane purchases and sales prior to closing.

At close, $117 million is expected to be drawn under the revolver.

Closing of the transaction is expected in the second half of 2008.

Essex is a Chicago-based owner of a specialized fleet of lattice-boom crawler cranes and attachments.

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