General Finance, a specialty rental services company offering portable storage, modular space and liquid containment solutions in North America and in the Asia-Pacific region of Australia and New Zealand amended and extended its North American senior secured revolving credit facility with a syndicate led by Wells Fargo Bank that also included East West Bank, CIT Bank, the Private Bank and Trust Company, KeyBank and Bank Hapoalim.

The facility now totals $230 million and is scheduled to mature on March 24, 2022, assuming the company’s 8.125% senior unsecured notes due July 31, 2021 are extended at least 90 days past this scheduled maturity date; otherwise the facility would mature on March 24, 2021.

The facility is secured by substantially all of the rental fleet, inventory and assets of the company’s North American leasing and manufacturing operations and effectively not only finances these operations, but also allows for the funding requirements of the company’s publicly-traded 9.00% series C cumulative redeemable perpetual preferred stock and 8.125% senior unsecured notes. At the closing, borrowing availability under the facility was approximately $26 million.

In conjunction with the closing of the facility, the company entered into a separate loan agreement with Great American Capital Partners (GACP) where GACP provided a first in last out (FILO) term loan within the North American senior secured credit facility, in the amount of $20 million, and inclusive in the $230 million total facility amount. The FILO term loan has the same maturity date and contains a first priority lien on the same collateral used in the facility, however on a “last out basis,” after all of the outstanding obligations to the primary lenders in the facility have been satisfied.

Ronald Valenta, chairman of the board and chief executive officer, remarked, “We are very pleased with this refinancing as it provides us with ongoing financial flexibility and nicely positions us for continued growth.” Charles Barrantes, executive vice president and chief financial officer, commented, “The early renewal of the facility is a testament to the company’s excellent relationship developed over the years with Wells Fargo and the syndicate, particularly at the North American operational and financial level. We also welcome the new members of the syndicate and we look forward to our continuing mutually beneficial partnership with the entire group.”

Pasadena, CA-based General Finance is a specialty rental services company offering portable storage, modular space and liquid containment solutions.