Concrete Pumping Holdings Upsizes Asset-Based Lending Facility to $225 Million
05 Giugno 2023 - 2:00PM
Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or
“CPH”), a leading provider of concrete pumping and 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 $225
million (previously $160 million) of commitments and extend the
maturity of the ABL Facility to June 1, 2028. The $50 million in
incremental commitments was provided by PNC Bank, National
Association, who joins the facility as a joint lead arranger, and
$15 million in incremental commitments was provided by JPMorgan
Chase Bank, N.A.
“We are pleased to welcome PNC to our ABL
banking relationship and appreciate the continued support from our
Wells Fargo and JPMorgan Chase relationships," said Iain Humphries,
CFO of Concrete Pumping Holdings. "This ABL upsize further improves
our already strong liquidity position and with the extended
maturity to 2028, we have enhanced our ability to pursue accretive
investment opportunities and support our overall long-term growth.
We remain committed to executing on our strategic priorities to
maximize shareholder value through fiscal year 2023 and
beyond.”
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 April 30, 2023, the Company provided concrete pumping
services in the U.S. from a footprint of approximately 100
locations across 20 states, concrete pumping services in the U.K.
from approximately 30 locations, and route-based concrete waste
management services from 19 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
“likely,” “may,” “will,” “should,” “expect,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,” or
“continue,” or the negative of such terms and other comparable
terminology. Such forward-looking statements are based on
management’s reasonable current assumptions, expectations, plans
and forecasts 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,
uncertainties and other factors, 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 HumphriesChief Financial
Officer1-303-289-7497 |
Investor Relations:Gateway Group, Inc.Cody
Slach1-949-574-3860BBCP@gateway-grp.com |
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