New Issue: Maxim Crane prices $250 million 12¼% five-year secured notes at 97.29 to yield 13%

By Paul A. Harris

St. Louis, March 31 - Maxim Crane Works, LP and Maxim Finance Corp. priced a $250 million issue of 12¼% five-year senior secured second-lien notes (Caa1/B/) at 97.29 to yield 13% on Wednesday, according to an informed source.

The yield printed on top of the price talk.

J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc. and Wells Fargo Securities, LLC were the joint bookrunners.

Co-lead managers were UBS Investment Bank and SunTrust Robinson Humphrey Inc. And the co-manager was PNC Capital Markets LLC.

Maxim Crane, a Pittsburgh-based crane and aerial equipment sales and rental business, plans to use the proceeds from the deal to repay an asset-backed loan and to fund an equity dividend.

Issuers:	Maxim Crane Works, LP and Maxim Finance Corp.
Face amount:	$250 million
Proceeds:	$243,225,000
Maturity:	April 15, 2015
Securities:	Senior secured second-lien notes
Bookrunners:	J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Wells Fargo Securities
Co-lead managers:	UBS Investment Bank, SunTrust Robinson Humphrey Inc.
Co-manager:	PNC Capital Markets LLC
Coupon:	12¼%
Price:	97.29
Yield:	13%
Spread:	1,044 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2012, then callable at 109.188, 105, par on and after April 15, 2014
Equity clawback:	35% at 112.25 until April 15, 2012
Trade date:	March 31
Settlement date:	April 8
Ratings:	Moody's: Caa1
	Standard & Poor's: B
Distribution:	Rule 144A/Regulation S for life
Price talk:	13% area

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