The bank debt of the formerly named Anthony Crane Rental, now known as Maxim Crane Works, has risen almost 20 points since January. The reasons behind the recent run up are unclear, but word is there could be a restructuring ahead for the comwpany, which was acquired by Bain Capital in 1998. Traders said the name has been changing hands in the last couple of weeks and had come to rest in the 751/2-77 range by the end of last week. The name was quoted in the low to mid 60s at the beginning of the year, according to Mark It/LoanX.
Joe Vaccarello, Maxim Crane's cfo, declined to comment on the possibility of a restructuring. He referred calls to officials at CIBC World Markets, the firm that is advising the company. Officials at CIBC did not return calls by press time. Vaccerello said Bain is still a large shareholder in Maxim Crane.
Maxim Crane entered into an amended and restated credit agreement in March 2002 with Goldman Sachs as the lead arranger and syndication agent and Fleet National Bank as the administrative and collateral agent. At that time, the company had a $300 million, six-year revolver; a $50 million, eight-year non-amortizing term loan and a $250 million, seven-year first-priority term loan. The amount of debt still outstanding under that facility could not be determined.