Noble Iron staff cuts ribbon inaugurating its Pico Rivera, Calif., headquarters.
Noble Iron announced a $3 million loan facility, of which $2 million has been committed, to fund working capital and growth initiatives. The loan has a term of one year and is secured by assets of the company. Terms of the financing include an annual interest rate of 15 percent, paid quarterly, with no principal payments due until maturity, and an early exit fee in the amount of 12 percent if the loan is repaid within six months and 10 percent if paid back beyond six months.
Related parties participated for $1.5 million of the committed proceeds.
Noble Iron’s equipment rental and dealership operations do business under the name Noble Iron and currently serve customers in California. Noble Iron offers construction and industrial equipment and accessories for rental and for sale.
Its software segment operates as Texada Software and is based in Guelph, Ontario, Canada.
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.
