Concrete Pumping Holdings Upsizes Asset-Based Lending Facility to $350 Million
Concrete Pumping Holdings (Nasdaq: BBCP) has announced a significant expansion of its Asset-Based Lending (ABL) Facility. The company's subsidiary, Brundage-Bone Concrete Pumping Holdings, has amended its existing ABL credit agreement, increasing the commitment from $225 million to $350 million and extending the maturity date to September 6, 2029.
Bank of America has joined the facility as a joint lead arranger and joint bookrunner, providing $75 million of the additional $125 million commitment. PNC Bank contributed the remaining $50 million. This expansion enhances CPH's liquidity position and supports its long-term strategic growth plan, providing greater flexibility for pursuing accretive investment opportunities and addressing its capital structure.
Concrete Pumping Holdings (Nasdaq: BBCP) ha annunciato una significativa espansione della sua struttura di prestiti basati su asset (ABL). La sussidiaria dell'azienda, Brundage-Bone Concrete Pumping Holdings, ha modificato il suo accordo di credito ABL esistente, aumentando l'impegno da $225 milioni a $350 milioni e prorogando la data di scadenza al 6 settembre 2029.
Bank of America è entrata nella struttura come joint lead arranger e joint bookrunner, fornendo $75 milioni dei $125 milioni di impegno aggiuntivo. PNC Bank ha contribuito con i restanti $50 milioni. Questa espansione migliora la posizione di liquidità di CPH e supporta il suo piano di crescita strategica a lungo termine, offrendo maggiore flessibilità nella ricerca di opportunità di investimento a valore aggiunto e nella gestione della sua struttura di capitale.
Concrete Pumping Holdings (Nasdaq: BBCP) ha anunciado una expansión significativa de su Facilidades de Préstamos Basados en Activos (ABL). La subsidiaria de la compañía, Brundage-Bone Concrete Pumping Holdings, ha modificado su acuerdo de crédito ABL existente, aumentando el compromiso de $225 millones a $350 millones y extendiendo la fecha de vencimiento hasta 6 de septiembre de 2029.
Bank of America se ha unido a la instalación como organizador principal conjunto y co-librador, proporcionando $75 millones del compromiso adicional de $125 millones. PNC Bank contribuyó con los restantes $50 millones. Esta expansión mejora la posición de liquidez de CPH y apoya su plan estratégico de crecimiento a largo plazo, proporcionando una mayor flexibilidad para perseguir oportunidades de inversión que generen valor y abordar su estructura de capital.
콘크리트 펌핑 홀딩스 (Nasdaq: BBCP)는 자산 기반 대출 (ABL) 시설의 대규모 확장을 발표했습니다. 회사의 자회사인 브룬데이지-본 콘크리트 펌핑 홀딩스는 기존 ABL 신용 계약을 수정하여 약정을 2억 2,500만 달러에서 3억 5,000만 달러로 증가시키고 만기일을 2029년 9월 6일로 연장했습니다.
뱅크 오브 아메리카는 공동 주관사 및 공동 북러너로서 이번 시설에 참여하며, 추가 1억 2,500만 달러의 약정 중 7,500만 달러를 제공합니다. PNC 뱅크는 나머지 5,000만 달러를 기여했습니다. 이번 확장은 CPH의 유동성 상태를 개선하고 장기 전략 성장 계획을 지원하여 가치 있는 투자 기회를 추구하고 자본 구조를 관리할 수 있는 더 큰 유연성을 제공합니다.
Concrete Pumping Holdings (Nasdaq: BBCP) a annoncé une expansion significative de sa ligne de crédit sur actifs (ABL). La filiale de l'entreprise, Brundage-Bone Concrete Pumping Holdings, a modifié son contrat de crédit ABL existant, augmentant l'engagement de 225 millions de dollars à 350 millions de dollars et prolongeant la date d'échéance au 6 septembre 2029.
Bank of America a rejoint la structure en tant que co-arrangeur principal et co-souscripteur, fournissant 75 millions de dollars des 125 millions de dollars d'engagement supplémentaire. PNC Bank a contribué les 50 millions de dollars restants. Cette expansion améliore la position de liquidité de CPH et soutient son plan de croissance stratégique à long terme, offrant une plus grande flexibilité pour saisir des opportunités d'investissement à valeur ajoutée et gérer sa structure de capital.
Concrete Pumping Holdings (Nasdaq: BBCP) hat eine umfassende Erweiterung seiner Asset-Based Lending (ABL) Facility angekündigt. Die Tochtergesellschaft des Unternehmens, Brundage-Bone Concrete Pumping Holdings, hat ihren bestehenden ABL-Kreditvertrag geändert, indem das Engagement von 225 Millionen USD auf 350 Millionen USD erhöht und das Fälligkeitsdatum auf den 6. September 2029 verlängert wurde.
Bank of America ist als Joint Lead Arranger und Joint Bookrunner der Einrichtung beigetreten und stellt 75 Millionen USD des zusätzlichen Engagements von 125 Millionen USD zur Verfügung. PNC Bank hat die verbleibenden 50 Millionen USD beigetragen. Diese Erweiterung verbessert die Liquiditätslage von CPH und unterstützt ihren langfristigen strategischen Wachstumsplan, indem sie eine größere Flexibilität bei der Verfolgung wertsteigernder Investitionsmöglichkeiten und der Anpassung der Kapitalstruktur bietet.
- Increased ABL Facility commitment from $225 million to $350 million
- Extended maturity of ABL Facility to September 6, 2029
- Added Bank of America as a new lender, joining Wells Fargo, PNC, and JPMorgan
- Improved liquidity position for pursuing growth opportunities
- Enhanced flexibility for addressing long-term capital structure
- None.
Insights
The upsizing of Concrete Pumping Holdings' Asset-Based Lending (ABL) facility from
This expanded facility provides CPH with improved liquidity and capital structure, potentially enabling more aggressive pursuit of growth opportunities, including acquisitions or capital investments. The extended maturity also reduces near-term refinancing risk. However, investors should note that while increased borrowing capacity can fuel growth, it also comes with higher interest expenses and financial obligations. The company's ability to effectively utilize this expanded credit line will be important in determining the long-term impact on shareholder value.
The expansion of Concrete Pumping Holdings' credit facility is a strategic move that could significantly impact its market position. With the construction industry facing challenges such as labor shortages and inflationary pressures, CPH's enhanced financial flexibility could provide a competitive edge. The company may be able to capitalize on market opportunities more swiftly, potentially outmaneuvering competitors with less robust financial backing.
Moreover, the involvement of major banks like Bank of America, Wells Fargo, PNC and JPMorgan Chase suggests a positive outlook for the concrete pumping sector. This could signal broader industry growth expectations, which may attract more investor interest to the sector. However, it's important to monitor how CPH deploys this additional capital. Effective utilization for accretive investments could lead to market share gains, while poor allocation could strain the balance sheet without corresponding benefits.
Bank of America Joins Wells Fargo, PNC and JPMorgan in Lending Facility
ABL Credit Agreement Maturity Extended to September 6, 2029
DENVER, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and concrete waste management services in the U.S. and U.K., announced that Brundage-Bone Concrete Pumping Holdings Inc. (the "Issuer"), a wholly-owned subsidiary of the Company, has amended and restated its existing ABL credit agreement (the “ABL Facility”) to provide up to
“We are delighted to welcome the team at Bank of America to our ABL banking relationship,” said Iain Humphries, CFO of Concrete Pumping Holdings. “The additional commitment provided by the PNC team and continued support from our Wells Fargo and JPMorgan Chase relationships are greatly appreciated as we focus on executing our long-term strategic growth plan. This ABL upsize and maturity extension significantly improves our already strong liquidity position, enhances our ability to pursue accretive investment opportunities and creates optionality as we address our long-term capital structure to support our growth strategy.”
About Concrete Pumping Holdings
Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan 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 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 seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of July 31, 2024, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across 21 states, concrete pumping services in the U.K. from approximately 30 branch locations, and route-based concrete waste management services from 20 operating locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
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.
Contact:
| Company: Iain Humphries Chief Financial Officer 1-303-289-7497 | Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 BBCP@gateway-grp.com |
FAQ
What is the new size of Concrete Pumping Holdings' (BBCP) Asset-Based Lending Facility?
When is the new maturity date for BBCP's amended ABL credit agreement?
Which new bank has joined BBCP's ABL Facility as a joint lead arranger?
How much additional commitment did PNC Bank provide to BBCP's upsized ABL Facility?
