Alta Equipment Group Sees FY24 Adj. EBITDA Between $190M-$200M
Portfolio Pulse from Benzinga Newsdesk
Alta Equipment Group has updated its financial guidance for FY24, expecting Adjusted EBITDA between $190M and $200M. The company sold $500M of Senior Secured Second Lien Notes at 9% due in 2029, using the proceeds to extinguish $315M of notes due in 2026, recording a $6.7M loss. They also amended their ABL First Lien Credit Agreement to extend the maturity date to 2029 and increase the facility size to $520M. Additionally, they repurchased 231,334 shares for $2M, with $10.5M remaining in repurchase authorization.
August 07, 2024 | 8:53 pm
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Alta Equipment Group expects FY24 Adjusted EBITDA between $190M and $200M. They sold $500M of notes due in 2029, extinguished $315M of notes due in 2026, and recorded a $6.7M loss. They also extended their credit agreement and repurchased shares.
The updated financial guidance and strategic financial moves, including the sale of notes and share repurchase, are likely to positively impact investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100