Share this article
Share this article
KANSAS CITY, Mo., April 1, 2021 /PRNewswire/ Nesco Holdings, Inc. (NYSE: NSCO) ( Nesco ), which has been renamed as Custom Truck One Source, Inc. (the Company ) effective today, in partnership with an affiliate of Platinum Equity, LLC ( Platinum ), today announced the closing of the previously announced transaction to acquire Custom Truck One Source, L.P. ( CTOS ) for a purchase price of $1.475 billion. Nesco and CTOS are leading providers of specialized truck and heavy equipment solutions, including rental, sales and aftermarket parts and service.
The Company is headquartered in Kansas City, Missouri and led by CTOS co-founder and CEO Fred Ross. The combination creates a leading, one-stop-shop provider of specialty rental equipment, serving highly attractive and growing infrastructure end markets, including the transmission and distribution energy grid, the 5G revolution build-out and critical rail and other national infrastructure ini
Nesco Holdings, Inc to Become Custom Truck One Source, Inc , Change Ticker Symbol to CTOS
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
FORT WAYNE, Ind., March 17, 2021 /PRNewswire/ Nesco Holdings, Inc. (NYSE: NSCO, Nesco ) announced today that, in anticipation of the previously announced proposed business combination (the proposed business combination ) of its wholly owned subsidiary Nesco Holdings II, Inc. (the Issuer ) with Custom Truck One Source, L.P. ( Custom Truck ), the Issuer has priced an offering of $920 million aggregate principal amount of 5.500% senior secured second lien notes due 2029 (the Notes ). The sale of the Notes is expected to be consummated on or about April 1, 2021, subject to customary closing conditions. The net proceeds from the offering of the Notes, together with borrowings under a new asset-based revolving credit facility to be entered into by the Issuer, as well as other sources, will be used to fund the proposed business combination-related transactions, to refinance Nesco s existing indebtedness and to pay related fees and expenses.
High-yield rated US companies have issued a record amount of debt in the first quarter to take advantage of low funding costs to put cash on the balance sheet and refinance existing debt.
With over two weeks still to go, US junk borrowers have already raised US$118.4bn in the primary market in the first quarter, making it the busiest on record, according to IFR data. The previous record was US$97bn set in the first quarter of 2013.
While rising US Treasury yields have caused heavy outflows from high-yield bond funds into floating-rate products such as leveraged loans, investors are taking courage from improving economic data and a massive stimulus package.
vimarsana © 2020. All Rights Reserved.