Concrete Pumping flexes $350 million term loan to Libor plus 600 bps

By Sara Rosenberg

New York, Nov. 13 – Concrete Pumping Holdings Inc. increased pricing on its $350 million seven-year covenant-light first-lien term loan (B2/B) to Libor plus 600 basis points from talk in the range of Libor plus 525 bps to 550 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 97 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0% Libor floor.

Credit Suisse Securities (USA) LLC, Jefferies LLC and Stifel are the lead arrangers on the deal.

Commitments are due at noon ET on Wednesday, the source added.

Along with the term loan, the company plans to get a $60 million ABL revolver led by Wells Fargo.

Proceeds will be used to help fund the acquisition of the company by Industrea Acquisition Corp., a special purpose acquisition company focused on the industrial sector, from majority shareholder Peninsula Pacific, select members of management and former manager shareholders.

Closing is expected this quarter.

Concrete Pumping is a concrete pumping services and concrete environmental waste management solutions provider.

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