BofA, Others Provide $420 Million to McGrath RentCorp
McGrath RentCorp, a diversified business-to-business rental company, announced that it has entered into a new $420 million credit facility with a syndicate of banks. The five-year facility matures on June 15, 2017 and replaces the company’s existing $350 million line of credit. Bank of America served as administrative agent and Union Bank of California served as syndication agent. Merrill Lynch, Pierce, Fenner & Smith served as the sole lead arranger and sole book manager.
The proceeds of the new facility will be used for working capital, capital expenditures and other general corporate purposes.
Dennis Kakures, president and CEO stated, “We are very pleased to have secured this financing. Increasing the size of our credit facility in this volatile financial market environment is a testament to the strength of our balance sheet and our cash flow generating businesses. With the increased capital this financing provides, we are well positioned to take advantage of opportunities for growing a larger McGrath RentCorp in the years ahead.”