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Alta Equipment Group Sees FY24 Adj. EBITDA Between $190M-$200M

Author: Benzinga Newsdesk | August 07, 2024 04:53pm

Full Year 2024 Financial Guidance and Other Financial Notes:

  • The Company updates our guidance range and now expects to report Adjusted EBITDA between $190.0 million and $200.0 million for the 2024 fiscal year.
  • On June 5, 2024, the Company sold $500.0 million of Senior Secured Second Lien Notes at the rate of 9.000% per annum, which are due on June 1, 2029 ("2029 Notes"). With the proceeds, the Company extinguished our $315.0 million of Senior Secured Second Lien Notes due April 2026. The Company recorded a loss on debt extinguishment of $6.7 million.
  • Concurrently with the 2029 Notes, the Company amended our ABL First Lien Credit Agreement to extend the maturity date to 2029 and increase the facility size to $520.0 million.
  • Concurrently with the 2029 Notes, the Company amended our ABL First Lien Credit Agreement to increase the floor plan facility to $90.0 million.
  • During the second quarter, the Company repurchased 231,334 shares for $2.0 million. We have remaining repurchase authorization of $10.5 million.

Posted In: ALTG


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