CERC Agrees with Senior Lenders to Reduce Balance Sheet Leverage
Canadian Equipment Rentals Corp. has agreed to continue to reduce the company’s balance sheet leverage as part of a Fifth Amending Agreement with its senior lenders.
4-Way Equipment Rentals is a big part of CERC's equipment rental holdings.
Canadian Equipment Rentals Corp. has agreed to continue to reduce the company’s balance sheet leverage as part of a Fifth Amending Agreement with its senior lenders. According to the pact, which expires Feb. 28, 2017, CERC management must continue to execute on the commitment to reduce balance sheet leverage.
The recently announced sale of CERC’s Waste Management division, which closed Dec. 1, was a material step forward in this process, CERC said. Management continues to sell down underutilized equipment and explore alternative sources of capital.
CERC also said it is seeing strong demand for oilfield rental equipment going into the winter drilling season, a positive sign for the energy service division.
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.
