Brundage-Bone Concrete Pumping, a wholly-owned subsidiary of Concrete Pumping, a provider of concrete pumping and concrete waste management services in the U.S. and UK, has amended and restated its existing ABL credit agreement to provide up to $350 million (previously $225 million) of commitments and extend the maturity of the facility to Sept. 6, 2029. Of the additional $125 million in commitments, $75 million was provided by Bank of America, which joins the facility as a joint lead arranger and joint bookrunner, and $50 million in additional commitments was provided by PNC Bank, acting as a joint lead arranger and joint bookrunner.
“We are delighted to welcome the team at Bank of America to our ABL banking relationship,” Iain Humphries, chief financial officer of Concrete Pumping, said. “The additional commitment provided by the PNC team and continued support from our Wells Fargo and JPMorgan Chase relationships are greatly appreciated as we focus on executing our long-term strategic growth plan. This ABL upsize and maturity extension significantly improves our already strong liquidity position, enhances our ability to pursue accretive investment opportunities and creates optionality as we address our long-term capital structure to support our growth strategy.”
