海角社区

海角社区 Upsizes Asset-Based Lending Facility to $160 Million

J.P. Morgan Joins Wells Fargo in Lending Facility

DENVER, Aug. 01, 2022 (GLOBE NEWSWIRE) -- 海角社区. (Nasdaq: BBCP) (the 鈥淐ompany鈥� or 鈥淐PH鈥�), a leading provider of concrete pumping and waste management services in the U.S. and U.K., announced that Brundage-Bone 海角社区 Inc., a wholly-owned subsidiary of the Company, and certain of its subsidiaries and affiliates (collectively, the 鈥淏orrower鈥�), has amended its existing ABL credit agreement (as amended, the 鈥淎BL Facility鈥�) to provide up to $160 million (previously $125 million) of commitments. The $35 million in incremental commitments was provided by JPMorgan Chase Bank, N.A.

鈥淲e are pleased to welcome J.P. Morgan to our ABL banking relationship and this upsize further improves our already strong liquidity position,鈥� said Iain Humphries, CFO of 海角社区. 鈥淲e have enhanced our ability to pursue accretive investment opportunities and support our overall long-term growth. We remain committed to executing on our strategic priorities to maximize shareholder value throughout fiscal year 2022. In addition, given the significant value of machinery, equipment and real estate on our balance sheet relative to the size of this upsized ABL, we believe we have the optionality to unlock additional liquidity in the future.鈥�

海角社区 海角社区

海角社区 is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies 鈥� Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company鈥檚 large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2022, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 locations across 20 states, concrete pumping services in the U.K. from approximately 30 locations, and route-based concrete waste management services from 17 locations in the U.S. and 1 shared location in the U.K. For more information, please visit or the Company鈥檚 brand websites at , , or .听

Important Notice Regarding Forward-Looking Statements

This press release includes 鈥渇orward-looking statements鈥� within the meaning of the 鈥渟afe harbor鈥� provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpect,鈥� 鈥減lans,鈥� 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� or 鈥渃ontinue,鈥� or the negative of such terms and other comparable terminology. Such forward-looking statements are based on management鈥檚 reasonable current assumptions, expectations, plans and forecasts regarding the Company鈥檚 and the Borrower鈥檚 current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of the Company or the Borrower to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management鈥檚 expectations. Therefore, you should not rely on any of these forward-looking statements as predictors of future events.

All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.听

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Released August 1, 2022