Maxim Crane starts roadshow for $500 million five-year secured notes; initial talk 11¾%-12%

By Paul A. Harris

Portland, Ore., Aug. 15 – Maxim Crane Works, LP started a roadshow on Tuesday for a $500 million offering of Maxim Crane Works Holdings Capital, LLC five-year second priority senior secured notes (Caa1/B-), according to market sources.

Initial guidance is 11¾% to 12%.

The deal is expected to price on Thursday.

The Rule 144A and Regulation S notes become subject to 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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