Concrete Pumping Holdings, Inc. announced the successful closing of its private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032. The notes were issued at par and bear a fixed interest rate of 7.500% per annum.
The proceeds from this offering were utilized to pay the redemption price for all of the company’s outstanding 6.000% senior secured second lien notes due 2026, along with associated fees and expenses. This refinancing extends the company's debt maturity profile, strengthening its balance sheet.
Additionally, the remaining net proceeds from the notes, combined with cash on hand, were used to pay a special one-time dividend of $1.00 per share of common stock, totaling approximately $53 million. This dividend was paid on or about February 3, 2025, demonstrating the company's commitment to shareholder returns and its strong free cash flow generation.
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