Quarterly report [Sections 13 or 15(d)]

Note 5 - Long Term Debt and Revolving Lines of Credit

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Note 5 - Long Term Debt and Revolving Lines of Credit
 3 Months Ended
Jan. 31, 2026
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 5. Long Term Debt and Revolving Lines of Credit

 

The table below is a summary of the composition of the Company’s debt balances as of  January 31, 2026 and October 31, 2025:

 

             

January 31,

    

October 31,

  

(in thousands)

  

Interest Rates

  

Maturities

  

2026

    

2025

  

Senior notes due 2032 - all long term

   7.500%  

February 2032

     425,000       425,000  

Total debt, gross

               425,000       425,000  

Less: Unamortized deferred financing costs offsetting long term debt

               (6,825 )     (7,109 )

Long term debt, net of unamortized deferred financing costs

             $ 418,175     $ 417,891  

 

Senior Notes - 2032 Notes 

 

On January 31, 2025, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company issued $425.0 million aggregate principal amount of its 7.500% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes accrues at a fixed rate of 7.500% per annum and is payable semi-annually on February 1st and August 1st of each year. The 2032 Notes will mature on February 1, 2032. The 2032 Notes are senior secured obligations and are secured by second‑priority liens on substantially all assets of the Issuer and the guarantors, subject to first‑priority liens securing obligations under the ABL Facility (as defined below). As of January 31, 2026, there were no material changes to the terms of our long-term debt and as of that date, the Company was in compliance with all covenants under the Indenture. For further information, see Note 7 of the notes to consolidated financial statements in our Annual Report.

 

ABL Credit Facility

 

The asset-backed loan credit facility ("ABL Facility") provides a maximum revolver available of $350.0 million, letter of credit sublimit of $32.5 million and matures on the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which we can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million.

 

There was no outstanding balance under the ABL Facility as of  January 31, 2026 and as of that date, the Company was in compliance with all debt covenants. Borrowings are generally in the form of short-term fixed rate loans that can be extended to mature on the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the 2032 Notes or (ii) the date the 2032 Notes become due and payable. Amounts borrowed may be repaid at any time, subject to the terms and conditions of the agreement. The Company utilizes the ABL Facility to support its working capital arrangement.

 

As of January 31, 2026 we had $297.3 million of available borrowing capacity under the ABL Facility, $1.1 million in credit line reserves and a letter of credit balance of $18.5 million. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed consolidated balance sheets and amortized over the term of the facility. The Company had capitalized debt issuance costs related to the revolving credit facilities of $1.9 million as of January 31, 2026.

 

For further information, see Note 7 of the notes to consolidated financial statements in our Annual Report.