Research Update: Maxim Crane Works Holdings Capital LLC 'B-' ICR Affirmed, Ratings Off Watch On Refinancing, Outlook Stable

Maxim Crane Works Holdings Capital LLC, a provider of specialized crane services, issued $500 million of second-lien senior secured notes due August 2028. The company used the proceeds from these notes to refinance its existing $303 million second-lien senior secured notes due August 2024, partially paydown the outstanding borrowings on its asset-based lending (ABL) credit facility, and pay transaction-related fees and expenses. Therefore, S&P Global Ratings affirmed its 'B-' issuer credit rating on Maxim Crane and removed all of its ratings on the company from CreditWatch, where we placed them with negative implications on March 2, 2023. The stable outlook reflects our expectation that demand for the company's equipment will increase with growth of its energy-related, infrastructure, industrial, and building

...- Maxim Crane Works Holdings Capital LLC, a provider of specialized crane services, issued $500 million of second-lien senior secured notes due August 2028. - The company used the proceeds from these notes to refinance its existing $303 million second-lien senior secured notes due August 2024, partially paydown the outstanding borrowings on its asset-based lending (ABL) credit facility, and pay transaction-related fees and expenses. - Therefore, S&P Global Ratings affirmed its 'B-' issuer credit rating on Maxim Crane and removed all of its ratings on the company from CreditWatch, where we placed them with negative implications on March 2, 2023. - The stable outlook reflects our expectation that demand for the company's equipment will increase with growth of its energy-related, infrastructure, industrial, and building construction end markets, enabling it to sustain positive free operating cash flow (FOCF) generation....

Research Update