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Maxim Crane talks $500 million five-year notes to yield 11¾%-12%, including about 2 points OID
By Paul A. Harris
Portland, Ore., Aug. 17 – Maxim Crane Works, LP talked its $500 million offering of Maxim Crane Works Holdings Capital, LLC five-year second priority senior secured notes (Caa1/B-) with an expected 11½% coupon at an approximately 2-point discount, to yield 11¾% to 12%, according to market sources.
Yield talk comes on top of initial guidance.
The deal is expected to price on Thursday.
The offering was heard to be playing to $780 million of demand from more than 22 accounts, with one of the large orders coming from an investor who is pushing for document changes, according to a sellside source.
Those document changes are expected to be forthcoming, the source added.
The Rule 144A and Regulation S notes become subject to a call after two years, with the first call premium set at par plus 50% of the coupon.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc., ING Financial Markets LLC and Jefferies LLC are the joint bookrunners.
The Portland, Ore.-based provider of crane rental and lifting services plans to use the proceeds to redeem its 10 1/8% second priority senior secured notes due 2024 and to pay down a portion of its asset-based lending facility.
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