CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, provided a $75 million revolving credit facility to Cisco Equipment Rentals, a Texas-based provider of equipment rentals, new and used equipment sales, parts and service.
The revolver was used to refinance and consolidate multiple existing lending facilities supporting a growth-oriented business plan and in conjunction with a complex restructuring and recapitalization of the balance sheet.
“We appreciate the diligence and expertise provided by the CIT Northbridge Credit team in arranging this credit facility,” Randy Agee, interim CEO at Cisco Equipment Rentals, said. “They learned our business structure and objectives by collaboratively working with key Cisco team members, were available to walk the team through questions and combined First Citizens’ asset management expertise with Cisco’s vision and needs to deliver a financing package that will excel Cisco’s rental business forward.”
“We’re pleased to provide this financing to Cisco Equipment Rentals as they continue to diversify sectors and enter new markets across Texas,” Neal Legan, who leads the team that advises CIT Northbridge Credit, said. “The new facility provides management and ownership significant flexibility to strengthen Cisco Equipment Rentals’ market position, and we look forward to supporting their business plans going forward.”
