08:17 AM EDT, 05/20/2024 (MT Newswires) -- Alta Equipment Group ( ALTG ) said Monday it plans to offer $500 million in senior secured second lien notes due 2029.

The company said the notes will be guaranteed by all domestic subsidiaries and secured by a second lien on most of the company's assets.

Concurrently, Alta intends to amend and extend its existing credit facilities, replacing them with a new $520 million asset-based revolving credit facility and a $90 million floor plan facility, both due 2029.

The proceeds from the notes, along with new borrowings, will be used to refinance existing facilities, redeem outstanding 5.625% senior secured second lien notes due 2026, and for general corporate purposes, Alta said.