Concrete Pumping Holdings Announces Offering of Senior Secured Second Lien Notes
Concrete Pumping Holdings (Nasdaq: BBCP) announced that its subsidiary, Brundage-Bone Concrete Pumping Holdings, plans to offer $400.0 million in senior secured second lien notes due 2032 through a private placement. The notes will be guaranteed by the Company and its domestic subsidiaries that are borrowers or guarantors of the existing senior secured asset-based revolving credit facility.
The proceeds will be used to redeem all outstanding 6.000% senior secured second lien notes due 2026, cover related fees, and support general corporate purposes. The notes will only be offered to qualified institutional buyers in the US under Rule 144A and to non-US persons under Regulation S, and will not be registered under the Securities Act of 1933.
Concrete Pumping Holdings (Nasdaq: BBCP) ha annunciato che la sua controllata, Brundage-Bone Concrete Pumping Holdings, prevede di offrire 400,0 milioni di dollari in note senior garantite di secondo grado con scadenza nel 2032 tramite un collocamento privato. Le note saranno garantite dalla Società e dalle sue controllate nazionali che sono mutuatari o garanti dell'attuale linea di credito revolving garantita da beni.
Il ricavato sarà utilizzato per rimborsare tutte le note senior garantite di secondo grado con scadenza nel 2026 con un tasso del 6,000%, coprire le spese correlate e supportare fini aziendali generali. Le note saranno offerte solo a investitori istituzionali qualificati negli Stati Uniti ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S, e non saranno registrate secondo il Securities Act del 1933.
Concrete Pumping Holdings (Nasdaq: BBCP) anunció que su subsidiaria, Brundage-Bone Concrete Pumping Holdings, planea ofrecer 400.0 millones de dólares en notas senior garantizadas de segundo grado con vencimiento en 2032 a través de una colocación privada. Las notas serán garantizadas por la Compañía y sus subsidiarias nacionales que actúan como prestatarias o garantes de la línea de crédito revolving garantizada por activos existente.
Los ingresos se utilizarán para canjear todas las notas senior garantizadas de segundo grado existentes que vencen en 2026, cubrir las tarifas relacionadas y apoyar fines corporativos generales. Las notas solo se ofrecerán a compradores institucionales calificados en EE. UU. bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S, y no estarán registradas bajo la Ley de Valores de 1933.
콘크리트 펌핑 홀딩스 (Nasdaq: BBCP)는 자회사인 Brundage-Bone Concrete Pumping Holdings가 4억 달러의 2032년 만기 제2담보 노트를 사모로 발행할 계획이라고 발표했습니다. 이 노트는 회사와 기존 자산 기반 회전 신용 시설의 차입자 또는 보증인인 국내 자회사가 보증합니다.
수익금은 2026년 만기 6.000% 제2담보 노트의 모든 미상환 부분을 상환하고, 관련 수수료를 충당하며 일반 기업 목적을 지원하는 데 사용될 것입니다. 이 노트는 미국에서 자격을 갖춘 기관 투자자에게만 144A 규칙에 따라, 비미국인에게는 S 규정에 따라 제공되며, 1933년 증권법에 따라 등록되지 않습니다.
Concrete Pumping Holdings (Nasdaq: BBCP) a annoncé que sa filiale, Brundage-Bone Concrete Pumping Holdings, prévoit d'offrir 400,0 millions de dollars en obligations de deuxième rang sécurisées à échéance en 2032 par le biais d'un placement privé. Les obligations seront garanties par la société et ses filiales nationales qui sont emprunteurs ou garants de la ligne de crédit révolving sécurisée existante.
Les recettes seront utilisées pour rembourser toutes les obligations de deuxième rang sécurisées à 6,000 % venant à échéance en 2026, couvrir les frais connexes et soutenir des fins corporatives générales. Les obligations ne seront offertes qu'aux acheteurs institutionnels qualifiés aux États-Unis en vertu de la Règle 144A et aux personnes non américaines en vertu de la Réglementation S, et ne seront pas enregistrées en vertu du Securities Act de 1933.
Concrete Pumping Holdings (Nasdaq: BBCP) gab bekannt, dass ihre Tochtergesellschaft, Brundage-Bone Concrete Pumping Holdings, plant, 400,0 Millionen US-Dollar in nachrangigen, gesicherten Schuldverschreibungen mit Fälligkeit 2032 im Rahmen einer Privatplatzierung anzubieten. Die Schuldverschreibungen werden von der Gesellschaft und ihren inländischen Tochtergesellschaften, die Darlehensnehmer oder Bürgen der bestehenden gesicherten revolvierenden Kreditfazilität sind, garantiert.
Die Erlöse werden verwendet, um alle ausstehenden 6,000% nachrangigen, gesicherten Schuldverschreibungen mit Fälligkeit 2026 einzulösen, damit verbundene Gebühren zu decken und allgemeine Unternehmenszwecke zu unterstützen. Die Schuldverschreibungen werden nur an qualifizierte Institutionelle Käufer in den USA gemäß Regel 144A und an nicht-US-Personen gemäß Regulation S angeboten und werden nicht nach dem Securities Act von 1933 registriert.
- Refinancing of existing debt with new notes due 2032, potentially improving debt maturity profile
- Maintaining access to capital markets for corporate financing needs
- Taking on $400 million in new debt obligations
- Continued reliance on debt financing which could impact future financial flexibility
Insights
This debt refinancing initiative represents a strategic financial move. The company is leveraging the current market conditions to refinance its
- Extended debt maturity profile by 6 years, reducing near-term refinancing risk
- Potential for improved interest rates given the private placement nature
- Maintained secured status with second-lien position, providing structural protection for noteholders
The private placement approach through Rule 144A and Regulation S suggests a targeted institutional investor base, which typically allows for more flexible terms and potentially better pricing. The company's ability to attract qualified institutional buyers indicates market confidence in their credit profile and business model. The concrete pumping sector's essential role in construction activities provides stable cash flows to service this debt obligation.
The refinancing signals proactive balance sheet management by BBCP. With a market cap of
The second-lien position means these notes are backed by company assets but stand behind first-lien claims in payment priority. This structure provides a balance between attracting investors with security while maintaining operational flexibility. The extension to 2032 suggests management's confidence in long-term business sustainability and removes immediate refinancing pressure during potential market uncertainties.
DENVER, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company”) announced today that Brundage-Bone Concrete Pumping Holdings Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, intends to offer, on a private placement basis,
The Company intends to use the net proceeds of the Notes to pay the redemption price for all of Company’s outstanding
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the securities will be made only by means of a private offering memorandum.
The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered and sold only to “qualified institutional buyers” in the United States pursuant to Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.
About Concrete Pumping Holdings
Concrete Pumping Holdings is a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K. markets based on fleet size, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone Concrete Pumping, Inc. for concrete pumping in the U.S., Camfaud Group Limited in the U.K., and Eco-Pan, Inc. for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate substantial labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan provides a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of October 31, 2024, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 22 states, concrete pumping services in the U.K. from 35 locations, and route-based concrete waste management services from 20 locations in the U.S. and one shared location in the U.K.
Important Notice Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “expect,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements are based on management’s reasonable current assumptions, expectations and plans regarding the Company’s and the Issuer’s current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks and uncertainties, including the Company’s ability to execute on its strategic growth plan and other factors disclosed in the risk factor sections of the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC, any of which may cause the actual results, levels of activity, performance or achievement of the Company or the Issuer to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management’s expectations. Therefore, you should not rely on any of these forward-looking statements as predictors of future events.
All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
Company Contact:
Iain Humphries
Chief Financial Officer
1-303-289-7947
Investor Relations:
Gateway Investor Relations
Cody Slach
1-949-574-3860
BBCP@gatewayir.com
FAQ
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