Maxim Crane Works, a provider of heavy-lift equipment rental services in the U.S., priced an aggregate principal amount of $500 million of 11.5% second-priority senior secured notes due 2028. In advance of the notes offering, the company received an upgraded corporate credit rating from Moody’s from B3 to B2.

Maxim Crane Works intends to use the proceeds of the offering to redeem its outstanding 10.125% second-priority senior secured notes due 2024, to partially repay borrowings under its asset-based lending facility and to pay related fees and expenses. The offering is expected to close on or about Aug. 31, subject to customary closing conditions.

“We are excited to announce the pricing of our bond offering and are highly encouraged by investors’ support of the company,” Paul McDonnell, CEO of Maxim Crane Works, said. “We have continued to deliver improved results, as highlighted in our 2Q press release, in which we noted our record financial results for the quarter and 12 months ended June 30, 2023. We are also encouraged by our ratings upgrade from Moody’s, which reflects the positive momentum in the business.

“As the only coast-to-coast lifting solutions provider, we believe that Maxim is uniquely positioned to capture the potential growth across key customer verticals throughout our footprint, specifically in infrastructure, industrial manufacturing and renewable energy.”