Daily News: December 28, 2018

CIT, Wells Fargo, Others Provide $23MM Upsize to General Finance


Wells Fargo and CIT Bank amended General Finance’s senior credit facility, increasing the maximum borrowing amount from $237 million to $260 million.

According the related 8-K filing, other lenders on the facility included East West Bank, CIBC Bank USA, Key Bank, Bank Hapoalim and Associated Bank. The General Finance subsidiaries included among the borrowers were Pac-Van, Lone Star Tank Rental, GFNRealty Company and Southern Frac.

Among other things, the facility amendment also added an accordion feature that may be exercised by the borrowers, subject to certain conditions, to increase the maximum borrowing amount by an additional $25 million. Additionally, the amendment deleted certain terms of the credit agreement that related to a $19.5 million FILO loan, following the prepayment in full of the loan.

General Finance is a specialty rental services company which offers a range of portable storage units, including its core 20-feet and 40-feet steel containers, office container, mobile office and modular space products and steel tanks.