Maxim Crane plans new credit facility with stock tender

By Sara Rosenberg

New York, May 31 - Maxim Crane Works Holdings Inc. plans on getting a new credit facility to help fund its Dutch auction stock tender offer, according to a market source.

Bank of America is the lead bank on the deal, the source said.

Under the tender, the company is offering to purchase up to 2.5 million shares of its common stock, and share equivalents, for no greater than $51.00 and no less than $45.75 per share.

The tender offer will commence on June 4 and will expire on June 29.

Maxim Crane is a Bridgeville, Pa., full-service crane rental company.

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