Concrete Pumping launches upsized $375 million five-year secured notes at 6%; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 21 – Brundage-Bone Concrete Pumping Holdings Inc. launched an upsized $375 million offering of five-year second-lien notes (B3/B) at 6%, according to a market source.

The Rule 144A and Regulation S deal, which was upsized from $350 million, was previously talked to yield in the 6¼% area. Initial talk was in the mid-to-high 6% area.

The notes are set to price on Thursday.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. J.P. Morgan Securities LLC is the joint bookrunner. Wells Fargo Securities LLC is the co-manager.

The notes become callable after two years at par plus 50% of the coupon.

The Denver-based provider of concrete pumping services and concrete waste management services plans to use the proceeds plus borrowings under its ABL facility to pay off its existing first-lien term loan and ABL facility. The additional proceeds resulting from the $25 million upsizing of the deal will be used to reduce the draw on the ABL facility by $25 million.

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