HY ANALYSIS: Maxim Crane Works Sells $500 Million of Debt at 12%

Overhead crane manufacturer Maxim Crane Works concluded its $500 million sale of five-year, US high-yield notes Thursday. The company has marked proceeds for the redemption of second-lien debt maturing next year and to repay borrowings under an ABL facility.

Maxim, an Apollo company, priced the secured, second-lien notes at a yield of 12%, the wide end of guidance.

Moody’s Investors Service, which grades the new notes Caa1, raised Maxim’s corporate family rating to B2 from B3 earlier this week, citing an improving operating performance. “The upgrade also reflects the improved liquidity and elimination of refinancing risk following the repayment of ...