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.