Business
Concrete Pumping Holdings Upsizes Asset-Based Lending Facility to $225 Million
PNC Joins Wells Fargo and JPMorgan in Lending Facility ABL Credit Agreement maturity extended for 5 years to June 1, 2028 DENVER, June 05, 2023 (GLOBE
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"PNC Joins Wells Fargo and JPMorgan in Lending Facility ABL Credit Agreement maturity extended for 5 years to June 1, 2028 DENVER, June 05, 2023 (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. (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...