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Alta Equipment Group Inc. reports recurring developments for an integrated equipment dealership platform in North America. The company sells, rents, and supports specialized equipment across Material Handling, Construction Equipment, and Master Distribution activities, including lift trucks, earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes, aerial work platforms, paving and asphalt equipment, parts, and service.
Company news centers on quarterly operating results, segment revenue trends, equipment sales, product support margins, rental fleet activity, interest expense, inventory and credit-line management, preferred stock dividends, and governance matters such as board observer agreements.
Alta Equipment Group (NYSE: ALTG) announced the pricing of a $500 million private offering of 9.000% senior secured second lien notes due 2029. These notes were priced at 97.094% of their face value and are set to close on June 5, 2024, pending customary conditions. The proceeds will be used to refinance existing credit facilities and redeem outstanding notes. The notes will be guaranteed by all domestic subsidiaries and secured by a second lien on most company assets. Concurrently, Alta plans to amend and extend its existing credit facilities to new terms and amounts, with the new facilities secured by a first-priority lien on the same assets.
Alta Equipment Group (NYSE: ALTG) announced a proposed private offering of $500 million in senior secured second lien notes due 2029. This offering, subject to market conditions, will be guaranteed by all domestic subsidiaries and secured by a second lien on nearly all company assets. Concurrently, the company plans to amend and extend its existing credit facilities, replacing them with a new $520 million asset-based revolving credit facility and a $90 million floor plan facility, both due 2029. The proceeds will be used to refinance existing facilities, redeem outstanding notes, and for general corporate purposes. The offering aims to be leverage neutral and targets qualified institutional buyers and non-U.S. persons per Rule 144A and Regulation S under the Securities Act.
Alta Equipment Group Inc. (NYSE: ALTG) posted first-quarter 2024 financial results with total revenues reaching $441.6 million, a $20.9 million increase year over year. Construction and Material Handling revenues stood at $255.6 million and $174.3 million, respectively. Product support revenues rose by 6.5% with Parts sales hitting $72.9 million and Service revenues at $64.0 million. New and used equipment sales grew by 4.1% to $228.6 million. Adjusted EBITDA amounted to $34.1 million.
Alta Equipment Group Inc. (NYSE: ALTG) declared a quarterly dividend of $0.057 per share for common stockholders. The dividend payment is scheduled for May 31, 2024, for shareholders on record as of May 15, 2024.
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