On the Company entered into an Interest Purchase Agreement pursuant to which it, through its subsidiaries, Brundage-Bone and CPHA LLC, agreed to acquire all of the outstanding equity interests of Capital Pumping LP and its affiliates for million in an all-cash transaction. The acquisition is expected to close in the quarter of fiscal subject to regulatory approvals and other customary closing conditions. The Company expects to finance the acquisition through this offering and additional borrowings under its Term Loan Agreement.

 

 

On Industrea withdrew approximately out of its Trust Account to pay for its income and franchise tax estimates.

 

On New CPH filed an amended and restated certificate of incorporation to increase its authorized shares of common stock and preferred stock to and respectively.

 

 

The Business Combination was completed on pursuant to which (a) a wholly owned indirect subsidiary of New CPH merged with and into Prior CPH, with Prior CPH surviving the merger as a wholly owned indirect subsidiary of New CPH, and (b) a wholly owned direct subsidiary of New CPH merged with and into Industrea, with Industrea surviving the merger as a wholly owned subsidiary of New CPH.

 

Upon the closing of the Business Combination, all outstanding shares of Industrea’s Class A common stock were exchanged on a -for- basis for shares of New CPH’s common stock, and Industrea’s outstanding warrants were assumed by New CPH and became exercisable for shares of New CPH’s common stock on the same terms as were contained in such warrants prior to the Business Combination. By operation of Rule -(a) under the Exchange Act, New CPH is the successor issuer to Industrea and has succeeded to the attributes of Industrea as the registrant, including Industrea’s SEC file number (-) and CIK Code ().

 

In connection with the Business Combination, shares of Industrea common stock were redeemed at a per share price of approximately Under the Merger Agreement, New CPH indirectly acquired Prior CPH for aggregate consideration of approximately million in cash (excluding amounts deposited in escrow at Closing) and shares of New CPH’s common stock (valued at per share) that were issued in exchange for shares of Prior CPH’s capital stock prior to the consummation of the CPH Merger pursuant to the Non-Management Rollover Agreement (as defined below) and that certain Management Rollover Agreement, dated by and among New CPH, Industrea and members of Prior CPH management party thereto (the “Management Rollover Agreement”). In addition, of Prior CPH’s options were converted into options of New CPH.

 

In addition, immediately prior to the Closing, (i) pursuant to the Argand Subscription Agreement, Industrea issued to the Argand Investor an aggregate of shares of Industrea common stock for per share, for an aggregate cash purchase price of million, plus an additional shares of Industrea common stock at per share, for an aggregate cash purchase price of million, to offset Redemptions; and (ii) pursuant to that certain subscription agreement (the “Common Stock Subscription Agreement”), dated as of Industrea issued to an accredited investor (the “Common Investor”) an aggregate of shares of Industrea common stock at a price of per share, for an aggregate cash purchase price of million, plus an aggregate of additional shares of Industrea common stock as consideration for such investor’s agreement to purchase Industrea common stock. The shares of Industrea common stock issued to the Argand Investor and the Common Investor were exchanged on a -for- basis for shares of New CPH common stock at the Closing.

 

Pursuant to the Non-Management Rollover Agreement and the Common Stock Subscription Agreement, immediately prior to the Closing the Sponsor surrendered to Industrea for cancellation for consideration an aggregate of shares of Industrea common stock.

 

In addition, on the Closing Date, pursuant to that certain subscription agreement, dated as of the “Preferred Stock Subscription Agreement” and collectively with the Argand Subscription Agreement and the Common Stock Subscription Agreement, the “Subscription Agreements”), New CPH issued to Nuveen shares of New CPH Series A Zero-Dividend Convertible Perpetual Preferred Stock (“Series A Preferred Stock”) at a price of per share, for an aggregate cash purchase price of million.

On the Closing Date, New CPH’s wholly owned subsidiary, Brundage-Bone Concrete Pumping Holdings Inc. (the “Term Loan Borrower”) entered into (i) a Term Loan Agreement (the “Term Loan Agreement”) among New CPH, Concrete Pumping Intermediate Acquisition Corp. (“Intermediate Holdings”), Credit Suisse AG, Cayman Islands Branch as administrative agent and Credit Suisse Loan Funding LLC, Jefferies Finance LLC and Stifel Nicolaus & Company Incorporated LLC as joint lead arrangers and joint bookrunners and (ii) a Credit Agreement (the “ABL Credit Agreement”) with Wells Fargo Bank, National Association, as agent, sole lead arranger and sole bookrunner, the lenders party thereto, Wells Fargo Capital Finance (UK) Limited, as UK security agent, New CPH, Intermediate Holdings, Concrete Merger Sub, Brundage-Bone Concrete Pumping, Inc., a Colorado corporation (“Brundage Concrete”), and Eco-Pan, Inc., a Colorado corporation (“Eco-Pan”, and collectively with Concrete Merger Sub, Prior CPH and Brundage Concrete, the “US ABL Borrowers”), and Camfaud Concrete Pumps Limited, a private limited company incorporated and registered under the laws of England and Wales (“Camfaud Concrete”), and Premier Concrete Pumping Limited, a private limited company incorporated and registered under the laws of England and Wales (“Premier”, and together with Camfaud Concrete, the “UK ABL Borrowers”, and the UK ABL Borrowers together with the US ABL Borrowers, collectively, the “ABL Borrowers”).

The initial term loans advanced under the Term Loan Agreement on the Closing Date will mature and be due and payable in full years after the Closing Date, with principal amortization payments in an annual amount equal to of the original principal amount thereof.

 

The initial terms loans extended under the Term Loan Agreement are in an aggregate principal amount of million.

 

 

Interest on borrowings under the Term Loan Agreement, at the Borrower’s option, will bear interest at either () an adjusted Eurodollar rate or () an alternate base rate, in each case plus an applicable margin. The applicable margin is with respect to Eurodollar borrowings and with respect to base rate borrowings.

 

 

The ABL Credit Agreement provides borrowing availability in US Dollars and UK Pounds Sterling up to a maximum of

 

The ABL Credit Agreement includes borrowing capacity available for standby letters of credit of up to million, and for other loan borrowings of up to million. Any issuance of letters of credit or making of a swingline loan will reduce the amount available under the ABL Facility.

 

In addition, the ABL Credit Agreement provides the ABL Borrowers the ability to seek commitments to increase the revolving commitments thereunder, subject to certain conditions, in an aggregate principal amount to exceed million.

 

Amounts borrowed under the ABL Credit Agreement be repaid and, subject to the terms and conditions of the ABL Credit Agreement, reborrowed at any time during the term of the ABL Credit Agreement. The loans advanced under the ABL Credit Agreement will mature and be due and payable in full years after the Closing Date. The ABL Credit Agreement also includes certain financial covenants.

 

 

Interest on borrowings in US Dollars under the ABL Credit Agreement, at the Borrower’s option, will bear interest at either () an adjusted LIBOR rate or () a base rate, in each case plus an applicable margin. Interest on borrowings in UK Pounds Sterling under the ABL Credit Agreement will bear interest at an adjusted LIBOR rate plus an applicable margin. The ABL Credit Agreement is subject to step-downs of and based on excess availability levels.

 

In connection with the Business Combination, New CPH, the initial stockholders, the Argand Investor, and certain holders of Prior CPH’s capital stock (“CPH stockholders”) entered into the Stockholders Agreement. Pursuant to the Stockholders Agreement:

 

 

Notwithstanding the foregoing, transfers of these securities are permitted in certain limited circumstances as set forth in the Stockholders Agreement, including with the prior written consent of our Board (with any director who has been designated to serve on our Board by or who is an affiliate of the requesting party abstaining from such vote) and to “affiliates,” as defined in the Stockholders Agreement.

 

In addition, pursuant to the terms of that certain rollover agreement, dated as of among the Company, CFLL Sponsor, Peninsula and the other parties thereto, Peninsula has exercised its right to designate individuals to serve on our Board: to serve as a Class I director, to serve as a Class II director, and to serve as a Class III director. Under the Stockholders Agreement, Peninsula has nomination rights with respect to: (i) director for as long as Peninsula beneficially owns more than and up to of the issued and outstanding shares of our common stock; (ii) individuals for as long as Peninsula beneficially owns more than and up to of the issued and outstanding shares of our common stock; and (iii) directors for as long as Peninsula owns more than of the issued and outstanding shares of our common stock. If Peninsula’s beneficial ownership falls below of these thresholds, Peninsula’s nomination right in respect of such threshold will permanently expire. On Peninsula designated and we appointed each of M. Brent Stevens, Matthew Homme and Raymond Cheesman to serve on our Board.

 

The Stockholders Agreement also provides that we will, later than days after the Closing, file a registration statement covering the founder shares, the private placement warrants (including any common stock issued or issuable upon exercise of any such private placement warrants) and the shares of common stock issued to the CPH stockholders at the Closing. In addition, these stockholders will have certain demand and/or “piggyback” registration rights following the consummation of the Business Combination. We will bear certain expenses incurred in connection with the exercise of such rights.

 

 

In connection with the Closing and the Preferred Stock Subscription Agreement (as defined below), New CPH entered into a letter agreement (the “Side Letter”) with Nuveen Alternatives Advisors, LLC, on behalf of or more funds or accounts (“Nuveen”), which provides that (i) for so long as Nuveen owns an aggregate of or more of the aggregate number of outstanding shares of New CPH’s common stock, including the stock into which the Series A Preferred Stock (as defined below) is convertible, and any securities into which New CPH’s common stock be reclassified, Nuveen will be entitled to designate individual to serve as a non-voting board observer of the Board to attend all meetings of the Board; and (ii) Nuveen will have the right to purchase equity securities that are issued by New CPH in any capital raising transaction that occurs after the Closing to the extent necessary to maintain Nuveen’s then-existing pro rata ownership in New CPH on a fully diluted, as-converted basis.

 

In connection with the Closing, New CPH entered into an assumption and assignment agreement (the “Warrant Assignment Agreement”) with Industrea and Continental Stock Transfer & Trust Company, pursuant to which Industrea assigned to New CPH all of its rights, interest and obligations under the warrant agreement governing Industrea’s warrants. Upon the Closing, all of the outstanding warrants to purchase Industrea common stock are exercisable for an equal number of shares of New CPH’s common stock on the existing terms and conditions of such warrants.

 

 

In connection with the Closing, New CPH entered into indemnification agreements with each of its directors and executive officers. Each indemnification agreement provides for indemnification and advancements by New CPH of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to New CPH or, at New CPH’s request, service to other entities, as officers or directors to the maximum extent permitted by applicable law. 

The Company has evaluated subsequent events through the date for which the consolidated financial statements were available for issuance, except for the matters described below, the Company has identified any significant events for which it needs to provide disclosure.

: On the Company consummated the merger as contemplated in the Agreement and Plan of Merger, dated as of the “ Industrea Merger Agreement”), by and among the Company and Industrea Acquisition Corp. The transactions contemplated by the Merger Agreement are referred to herein as the “Business Combination”.

 

The Company incurred approximately of seller related costs related to the Industrea Merger Agreement that have been reflected as transaction costs in the accompanying consolidated statement of income for the year ended

 

Upon the closing of the Business Combination, all outstanding shares of Industrea’s Class A common stock, par value per share (“Class A common stock”), were exchanged on a -for- basis for shares of the Company’s common stock, par value per share (“Company common stock”), and Industrea’s outstanding warrants were assumed by the Company and became exercisable for shares of the Company’s common stock on the same terms as were contained in such warrants prior to the Business Combination. The Company is the successor issuer to Industrea and has succeeded to the attributes of Industrea as the registrant.

: On the Closing Date, the Company entered into (i) a Term Loan Agreement (the “Term Loan Agreement”) among the Company and its subsidiaries as joint lead arrangers and joint bookrunners and (ii) a Credit Agreement (the “ABL Credit Agreement”) with Wells Fargo Bank, National Association, as agent, sole lead arranger and sole bookrunner.

 

The initial term loans advanced under the Term Loan Agreement on the Closing Date will mature and be due and payable in full years after the Closing Date, with principal amortization payments in an annual amount equal to of the original principal amount thereof.

The initial terms loans extended under the Term Loan Agreement are in an aggregate principal amount of

Interest on borrowings under the Term Loan Agreement, at the Borrower’s option, will bear interest at either () an adjusted Eurodollar rate or () an alternate base rate, in each case plus an applicable margin. The applicable margin is with respect to Eurodollar borrowings and with respect to base rate borrowings.

: The ABL Credit Agreement provides borrowing availability in US Dollars and GBP up to a maximum of

 

The ABL Credit Agreement includes borrowing capacity available for standby letters of credit of up to and for other loan borrowings of up to Any issuance of letters of credit or making of a swingline loan will reduce the amount available under the ABL Facility.

 

In addition, the ABL Credit Agreement provides the ABL Borrowers the ability to seek commitments to increase the revolving commitments thereunder, subject to certain conditions, in an aggregate principal amount to exceed

 

Amounts borrowed under the ABL Credit Agreement be repaid and, subject to the terms and conditions of the ABL Credit Agreement, reborrowed at any time during the term of the ABL Credit Agreement. The loans advanced under the ABL Credit Agreement will mature and be due and payable in full years after the Closing Date. The ABL agreement also includes certain financial covenants.

 

Interest on borrowings in US Dollars under the ABL Credit Agreement, at the Borrower’s option, will bear interest at either () an adjusted LIBOR rate or () a base rate, in each case plus an applicable margin. Interest on borrowings in GBP under the ABL Credit Agreement will bear interest at an adjusted LIBOR rate plus an applicable margin. The ABL Credit Agreement is subject to step-downs of and based on excess availability levels.

 

: In connection with the Business Combination, the Company, CFLL Sponsor Holdings, LLC (f/k/a Industrea Alexandria LLC) (“CFLL Sponsor” or the “Sponsor”) and its affiliates, Industrea’s independent directors (collectively with the Sponsor and affiliates, the “Initial Stockholders”), Argand Partners Fund, LP (the “Argand Investor”), and certain holders of CPH’s capital stock (“CPH stockholders”), entered into the Stockholders Agreement. Pursuant to the Stockholders Agreement, Argand Investor and CPH stockholders have agreed to limit the transfer of shares for a period of time after closing.