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Essex plans $170 million revolver with purchase by Hyde Park Acquisition
By Sara Rosenberg
New York, March 6 - Essex Crane Rental Corp. will be getting a new $170 million five-year asset-based revolving credit facility in connection with its acquisition by Hyde Park Acquisition Corp., according to an 8-K filed with the Securities and Exchange Commission Friday.
Pricing on the revolver is Libor plus 225 basis points.
There is a $25 million accordion feature for two years.
Security is a first-priority lien on substantially all of the assets of Essex.
Hyde Park is buying Essex from Kirtland Capital Partners for total consideration of $210 million plus transaction expenses and an adjustment for crane purchases and sales prior to closing.
At close, $117 million is expected to be drawn under the revolver.
Closing of the transaction is expected in the second half of 2008.
Essex is a Chicago-based owner of a specialized fleet of lattice-boom crawler cranes and attachments.
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