04:08 AM EDT, 05/22/2024 (MT Newswires) -- Alta Equipment Group ( ALTG ) said late Tuesday it priced a $500 million private offering of 9.000% senior secured second lien notes due 2029 at an issue price of 97.094% of the face amount.

The offering is expected to close on June 5, subject to customary conditions.

Simultaneously with the closing, the company expects to amend and extend a $485 million revolving credit facility due 2026 and $70 million floor plan facility due 2026 with a $520 million senior revolving credit facility due 2029 and a $90 million floor plan facility due 2029.

The company intends to use the net proceeds from the offering and new borrowings to refinance other debt, to redeem all of its outstanding 5.625% senior secured second lien notes due 2026, and for general corporate purposes.