Maxim Crane's $250 million five-year notes talked at 13% area yield

By Paul A. Harris

St. Louis, March 30 - Maxim Crane Works, LP talked its $250 million offering of five-year senior secured second-lien notes (Caa1/B) with a yield in the 13% area on Tuesday, according to an informed source.

The Rule 144A and Regulation S for life deal is set to price Wednesday morning.

J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc. and Wells Fargo Securities, LLC are joint bookrunners. The underwriting syndicate will also include UBS Securities LLC, PNC and SunTrust Robinson Humphrey Inc.

The notes come with two years of call protection, after which the first call is set at par plus ¾ of the coupon.

Maxim Crane, a Pittsburgh-based company that sells and rents construction and industrial cranes and aerial equipment, plans to use the proceeds from the deal to repay an asset-backed loan and to fund an equity dividend.

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