"Capitol"), a public investment vehicle, and Nesco Holdings I, Inc. ("Nesco"), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, today issue this press release pre-releasing selected preliminary unaudited financial results for Nesco's second quarter ended June 30, 2019. "We are pleased to deliver strong preliminary results for the second quarter of 2019," said Lee Jacobson, Nesco's CEO.
"Capitol"), Capitol Investment Merger Sub 2, LLC, the indirect subsidiary of Capitol (the "Issuer") announced today that it priced an offering of $475 million aggregate principal amount of 10% senior secured second lien notes due 2024 (the "Notes"). The sale of the Notes is expected to be consummated on or about July 31, 2019, subject to customary closing conditions. The net proceeds from the offering of the Notes, together with borrowings under a new asset-based lending facility to be entered into by the Issuer, as well as at least $200 million of cash equity contributions, will be used to fund the proposed business combination-related transactions, to refinance Nesco's existing indebtedness and to pay related fees and expenses. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and, unless so registered, may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and state securities laws.
Moody's Investors Service ("Moody's") assigned ratings to Capitol Investment Merger Sub 2, LLC ("Nesco") as follows: Senior secured second lien at Caa1, Corporate Family Rating (CFR) of B3, Probability of Default Rating of B3-PD and Speculative Grade Liquidity rating of SGL-3. Capitol will merge with Nesco Holdings I, Inc. in a transaction announced in April, 2019. Capitol's ultimate parent will be a publicly-listed entity -- Nesco Holdings, Inc. Upon close, Moody's will withdraw the ratings of Nesco, LLC's debt of CFR of Caa2, the PDR of Caa2-PD, and senior secured second lien notes of Caa3.
Combined Company Named Nesco Holdings, Inc. Will Trade on the NYSE under NSCO WASHINGTON and FORT WAYNE, Ind. , July 31, 2019 /PRNewswire/ -- Capitol Investment Corp. IV (NYSE: CIC; "Capitol"), ...
Concerns over rising interest rates and expected further rate increases have hit several stocks hard during the fourth quarter. Trends reversed 180 degrees during the first quarter amid Powell's pivot and optimistic expectations towards a trade deal with China. Hedge funds and institutional investors tracked by Insider Monkey usually invest a disproportionate amount of their […]
"Capitol"), a public investment vehicle, Nesco Holdings, LP ("Nesco Owner") and Nesco Holdings I, Inc. ("Nesco"), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, today entered into an amendment to their previously announced merger agreement. Pursuant to the amendment, the merger consideration to be issued to Nesco Owner was reduced and the sponsors of Capitol agreed to cancel an additional number of their initial shares in connection with the transaction, in addition to certain other amendments. Based on the amended merger agreement and assuming no redemptions, the combined company will have an initial enterprise value of approximately $1,037 million, based on approximately 69.0 million fully diluted shares of common stock outstanding at $10.00, estimated net debt of approximately $405 million and an adjustment for certain net operating loss carryforwards.
"Capitol"), Capitol Investment Merger Sub 2, LLC, the indirect subsidiary of Capitol (the "Issuer"), announced today that it intends to offer $475 million aggregate principal amount of senior secured second lien notes due 2024 (the "Notes"). The net proceeds from the offering of the Notes, together with borrowings under a new asset-based lending facility to be entered into by the Issuer, as well as at least $200 million of cash equity contributions, will be used to fund the proposed business combination-related transactions, to refinance Nesco's existing indebtedness and to pay related fees and expenses. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and, unless so registered, may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and state securities laws.