Concrete Pumping, a provider of concrete pumping and waste management services in the United States and United Kingdom, reported that Brundage-Bone Concrete Pumping, a wholly-owned subsidiary of the company, amended and restated its existing asset-based lending credit agreement to provide up to $225 million (previously $160 million) of commitments and extend the maturity of the ABL facility to June 1, 2028. The $50 million in incremental commitments was provided by PNC Bank, which joined the facility as a joint lead arranger, while $15 million in incremental commitments was provided by JPMorgan Chase.
“We are pleased to welcome PNC to our ABL banking relationship and appreciate the continued support from our Wells Fargo and JPMorgan Chase relationships,” Iain Humphries, CFO of Concrete Pumping, said. “This ABL upsize further improves our already strong liquidity position and with the extended maturity to 2028, we have enhanced our ability to pursue accretive investment opportunities and support our overall long-term growth. We remain committed to executing on our strategic priorities to maximize shareholder value through fiscal year 2023 and beyond.”
