Penhall International Corporation announces $60,000,000 Holding Company Loan - March 19, 2007
Chicago -YDD Holdings, Inc. ("YDD"), the parent company of Penhall International Corporation ("Penhall"), announced today that it intends, subject to certain conditions, to enter into a $60,000,000 senior unsecured term loan facility (the "Holdco Loan Facility") with Deutsche Bank Trust Company Americas, as Administrative Agent, and Deutsche Bank Securities Inc. and CIBC World Markets Corp., as joint lead arrangers and bookrunning managers. YDD intends to use the net proceeds from the Holdco Loan Facility to pay a dividend to its shareholders. Neither Penhall International Corporation, Penhall Company nor any of their respective subsidiaries will be a party to, or guarantor of, the Holdco Loan Facility. YDD is a portfolio investment of CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005.
Penhall provides a broad range of concrete- and asphalt-related services to the non-residential building construction and infrastructure markets. Penhall operates an equipment fleet of 775 revenue-producing units, operated by over 800 skilled employees. Its customer base includes over 15,000 local and national general contractors, industrial companies, government entities and municipalities. Headquartered in Anaheim, California, Penhall has 38 branch locations in 17 states and Canada. For additional information about Penhall, please refer to the company's Website at www.penhall.com.
Code Hennessy & Simmons LLC ("CHS") is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm's Website at www.chsonline.com. |
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