Concrete Pumping Holdings, Inc. announced that its subsidiary successfully upsized and priced its private offering of senior secured second lien notes due 2032. The offering was increased by $25.0 million, resulting in an aggregate principal amount of $425.0 million, and the notes will bear interest at an annual rate of 7.500%.
The offering is expected to close on January 31, 2025, subject to customary closing conditions. The net proceeds from these notes will be used to redeem all of the company's outstanding 6.000% senior secured second lien notes due 2026, thereby extending the debt maturity profile.
In addition to the debt refinancing, the company plans to use the remainder of the net proceeds, along with cash on hand, to pay a special one-time cash dividend of $1.00 per share of common stock. This special dividend is expected to total approximately $53 million in aggregate, demonstrating a commitment to returning capital to shareholders.
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