Tiger Rental Group, a subsidiary of The Modern Group, refinanced its $160 million credit facilities, including a $100 million senior first lien term loan with Orion Energy Partners and a $60 million working capital revolving credit facility with JPMorgan Chase.
The refinancing will provide improved pricing and terms that reflect the company’s strong financial performance and current market conditions.
“Tiger Rentals is pleased to continue our partnerships with Orion Energy and J.P. Morgan,” said Casey Crenshaw, chairman of Tiger Rentals and president of The Modern Group. “Tiger remains optimally positioned to service our customers and grow the business in any energy market environment. We will continue to actively pursue attractive growth opportunities for our onshore and offshore business both domestically and internationally.”
Simmons & Company, energy specialists of Piper Jaffray, served as the sole debt placement agent on the transaction. Kirkland & Ellis acted as legal advisor to Tiger Rental. Latham & Watkins acted as legal advisor to Orion Energy, while Locke Lord acted as legal advisor to JPMorgan.
Tiger Rental Group provides onshore equipment rental services to the midstream, petrochemical, and E&P sectors, and offshore oilfield equipment rental services and energy-related safety equipment rental and services.