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JPMorgan Chase Upsizes Asset-Based Facility to $160MM for Concrete Pumping

August 08, 2022, 07:33 AM
Filed Under: Specialty Industries
Related: JPMorgan Chase

Concrete Pumping Holdings, a leading provider of concrete pumping and waste management services in the U.S. and U.K., announced that Brundage-Bone Concrete Pumping Holdings Inc., a wholly-owned subsidiary of the Company, and certain of its subsidiaries and affiliates, has amended its existing ABL credit agreement to provide up to $160 million (previously $125 million) of commitments. The $35 million in incremental commitments was provided by JPMorgan Chase Bank, N.A.

"We are pleased to welcome J.P. Morgan to our ABL banking relationship and this upsize further improves our already strong liquidity position," said Iain Humphries, CFO of Concrete Pumping Holdings. "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 throughout fiscal year 2022. In addition, given the significant value of machinery, equipment and real estate on our balance sheet relative to the size of this upsized ABL, we believe we have the optionality to unlock additional liquidity in the future."

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