Noble Iron Receives Loan Facility

Noble Iron has launched an asset-sharing partnership with Volvo Construction Equipment, the company said. Under the terms of the agreement, some Volvo-owned assets will be placed into Noble Iron’s equipment rental inventory in Los Angeles and the two companies will share rental revenue earned on the Volvo equipment.

Michael Roth

June 7, 2016

Noble Iron announced a $4 million loan facility, of which $3.7 million has been committed to fund working capital and growth initiatives. The loan, effective June 3, has a term of one year, with the company’s option to extend for an additional six months. The loan is secured by the assets of Texada Software, the company’s wholly owned software subsidiary. Other terms include an annual interest rate of 15 percent, paid quarterly, with no principal payments due until the loan matures. Related parties participated for $2.6 million of the proceeds.

The additional financing will support the rollout of new software applications such as Fleet Logic and Insight to further empower owners and users of construction equipment.

About the Author

Michael Roth

Editor

Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.