Able Equipment Rental Announces Increase to Existing Asset-Based Loan

The increased credit facility will be used to grow the company’s rental fleet, provide for general corporate working capital, and, more importantly, provide for growth capital as the company expands its geographic footprint beyond the northeast markets.

Michael Roth

May 18, 2022

2 min read

Able Equipment Rental announced an increase to its existing asset-based loan with M&T Bank as lead arranger and administrative agent. The $175 million facility is now comprised of a $125 million revolving line of credit along with the original $15 million term loan facility. The transaction continues to provide Able with a $35 million accordion feature for future growth. The increased credit facility will be used to grow the company’s rental fleet, provide for general corporate working capital, and, more importantly, provide for growth capital as the company expands its geographic footprint beyond the northeast markets.

“This recent increase to our credit facility with M&T Bank better positions our business to execute against multiple growth opportunities recently presented us,” said Steve Laganas, CEO and founder of Able.

“All of the banks supporting our existing facility, as managed by our lead agent M&T Bank, fully subscribed to the increase and growth positioning modifications,” said Able’s chief financial officer Thomas Caldaroni. “M&T again fully delivered on all our expectations, including proposing additional modifications that will help us execute with our present growth trajectory.”

For more information on Able Equipment Rental, visit ableequipment.com. Able is headquartered in Deer Park, N.Y.

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.