Able Equipment Rental, a major supplier of construction equipment rentals, sales, service and parts, announced the closing of a $150 million asset-based loan with M&T Bank as lead arranger and administrative agent. The facility is comprised of a $100 million revolving line of credit as well as a $15 million term loan facility. Additionally, the transaction provides Able with a $35 million accordion feature. The credit facility will be used to refinance existing indebtedness, purchase rental fleet and provide working capital, as well as for general corporate purpose.
“We are very excited about our new credit facility with M&T Bank,” said Steve Laganas, CEO and founder of Able. “The transaction was nicely oversubscribed and helps to position Able for continued growth and success.”
Chris Pera, the company’s chief operating officer, noted, “This new loan agreement leverages all of the hard work and sweat equity that the Able team has built in its fleet over many successful years of operation.”
“The M&T team was great to work with,” added Able’s chief financial officer Thomas Caldaroni. “M&T delivered 100 percent on the proposed structure that was presented to Able when we went to market for a new credit facility.”
One of the fastest growing companies in the rental industry, Able Equipment Rental, based in Deer Park, N.Y., is No. 65 on the RER 100.
