02.07.2007

Maxim Crane amends its Dutch auction

Maxim Crane Works has amended the terms of its traditional "Dutch auction" tender offer by increasing the bottom and the top of the price range in the offer by $3.00.
See original story
In the amended tender offer Maxim will purchase up to 2,500,000 shares of its common stock at prices of between $48.75 and $54.00 per share.

Shares that have already been tendered at prices below $48.75 will automatically be re-priced. The tender has also been extended until July 20th.

The company also announced that it has agreed a line of credit to pay for the tender offer, it has agreed a $390 million senior secured credit agreement with the Bank of America, consisting of a $340 million term loan facility and a $50 million revolving credit line.

A number of the company's directors and executive officers have said that they intend to tender an aggregate of up to 133,713 of shares attributable to them in the tender offer.