Capital One Bank Closes $2.1 Billion Senior Secured Asset-Based Revolving Credit Facility for EquipmentShare
Capital One announced today that it has served as administrative agent for an amended and restated credit facility for EquipmentShare, a nationwide construction solutions provider. EquipmentShare will use the facility, which increased its borrowing capacity from $1.2 billion to $2.1 billion, to expand its footprint and finance further growth of the company. The revolver has a $1.0 billion accordion option.
In August 2021, Capital One served as the lead arranger and administrative agent for EquipmentShare’s original line of credit. Since that time, EquipmentShare has entered a number of new markets nationwide and served thousands of new customers.
“At Capital One, we are deeply committed to working hand-in-hand with our clients,” said Tim Tobin, head of asset based lending at Capital One. “EquipmentShare’s growth and success is truly impressive and we’re thrilled to continue our partnership with EquipmentShare as they evolve the business and expand their footprint.”
“This increased asset-based lending facility led by Capital One will allow EquipmentShare to expand our nationwide footprint,” said Trevor Schauenberg, EquipmentShare’s chief financial officer. “This liquidity will enable EquipmentShare to continue to deliver productivity and value to our customers and the construction industry.”
Founded in 2014 and incorporated in 2015, EquipmentShare solves industry pain points through smart jobsite technology and equipment rental, retail and service centers, the company said.
Capital One Financial Corp. (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $307.9 billion in deposits and $440.3 billion in total assets as of June 30, 2022. It is headquartered in McLean, Va.
EquipmentShare is headquartered in Columbia, Mo. To learn more, visit www.equipmentshare.com.
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.