ING agented a new €375 million ($439.256 million) senior credit facility for Riwal Holding Group, an international aerial work platform renter and seller.

A syndicate of five banks – ABN AMRO, Commerzbank, Deutsche Bank, ING and Rabobank – participated in the facility.

The facility will replace an existing €220 million ($257.697 million) credit facility and has a maturity date of 2023 with two one-year extension options, potentially lengthening the maturity to June 2025. The margin of the credit facility was also lowered, reflecting Riwal’s strong balance sheet and performance.

The funds will be used to support Riwal’s international growth strategy, including acquisitions, as well as capital expenditure and general corporate and working capital purposes.

“We are pleased to announce the arrangement of our revolving credit facility with our core banks, which improves our debt maturity profile,” said René Timmers, Riwal’s chief financial officer. “We appreciate our strong banking relationships and the confidence that this commitment reflects in our business model.”

Founded in 1968 and headquartered in Dordrecht, the Netherlands, Riwal has 67 branches in 16 countries, operates more than 16,000 units and conducts business in more than 70 countries.