BRIDGEVILLE, Pa.--(BUSINESS WIRE)--Maxim Crane Works Holdings Capital, LLC (the “Company”) today announced the final results for its previously announced tender offer to purchase (the “Tender Offer”) up to $132.39 million aggregate principal amount (the “Tender Cap”) of its outstanding 10.125% Second-Priority Senior Secured Notes due 2024 (the “Notes”) for cash. The Tender Offer expired at the end of the day, 12:00 midnight, New York City time on October 13, 2020 (the “Expiration Time”).
As of September 29, 2020 (the “Early Tender Time”), the Company had been advised by D.F. King & Co., Inc. (“D.F. King”), as tender agent and information agent for the Tender Offer, that $184.7 million in aggregate principal amount, or approximately 33.89%, of the outstanding Notes had been validly tendered and not withdrawn in the Tender Offer. On October 14, 2020, the Company was advised by D.F. King that no additional outstanding Notes had been validly tendered in the Tender Offer after the Early Tender Time and prior to the Expiration Time.
The Company determined a Clearing Price of $1,027.50 based on the Bid Prices (as defined in the Offer to Purchase dated September 15, 2020) for all Notes tendered at or prior to the Expiration Time in accordance with the “modified Dutch Auction” procedure described in the Offer to Purchase. The aggregate amount of Notes validly tendered and not withdrawn prior to the Expiration Time exceeded the Tender Cap. As a result, the Company accepted for purchase $132.39 million aggregate principal amount of the Notes, resulting in all Notes tendered at or below the Clearing Price being accepted for purchase.
Holders whose Notes have been accepted for purchase will receive $1,027.50 per $1,000 principal amount of the Notes that the Company accepts for purchase, which includes the Early Tender Premium of $30.00 per $1,000 principal amount. Holders of Notes accepted for purchase will also be paid accrued and unpaid interest on such Notes to, but excluding, the settlement date. The settlement date for the Tender Offer is expected to occur on or about October 15, 2020.
About Maxim Crane Works
Founded in 1937, Maxim Crane Works, LP (“Maxim”) is one of the largest lifting solutions businesses in North America. Maxim, with its affiliated companies, serves more than 8,000 customers through its fleet of over 2,600 cranes situated in over 60 branches. Maxim’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul/rigging services, and value-added advisory services. Maxim offers a full portfolio of cranes used in a variety of end markets. For more information about Maxim, please visit http://www.maximcrane.com/.
Forward Looking Information Disclaimer
Some of the statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the Company’s intent and belief or current expectations and may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward- looking statements. Important factors that could cause actual results to differ materially from expectations include matters beyond the Company's control. Forward-looking statements are not guarantees of future performance, results or events.