Business
Concrete Pumping Holdings Upsizes Asset-Based Lending Facility to $160 Million
J.P. Morgan Joins Wells Fargo in Lending Facility DENVER, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"J.P. Morgan Joins Wells Fargo in Lending Facility\nDENVER, Aug. 01, 2022 (GLOBE NEWSWIRE) -- 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., a wholly-owned subsidiary of the Company, and certain of its subsidiaries and affiliates (collectively, the “Borrower”), has amended its existing ABL credit agreement (as amended, the “ABL Facility”) to provide up to $160 million (previously $125 million) of commitments. The $35 million in incremental commitments was provided by JPMorgan Chase Bank, N.A. “We are pleased to welcome J.P. Morgan to our ABL banking relationship and this upsize further improves our already strong liquidity position,” said Iain Humphries, CFO of Concrete Pumping Holdings. “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 throughout fiscal year 2022. In addition, given the significant value of machinery, equipment and real estate on our balance sheet relative to the size of this upsized ABL, we believe we have the optionality to unlock additional liquidity in the future.” 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, 2022, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 lo...