ABLE Equipment Rental, a supplier of construction equipment rentals, sales, service and parts, increased its existing asset-based loan with M&T Bank as lead arranger and administrative agent. The $175 million facility is now comprised of a $125 million revolving line of credit along with the original $15 million term loan facility.
The transaction continues to provide ABLE with a $35 million accordion feature for future growth. ABLE will use the increased credit facility to grow its rental fleet, provide for general corporate working capital and provide for growth capital as the company expands its geographic footprint beyond the Northeast market.
“This recent increase to our credit facility with M&T Bank better positions our business to execute against multiple growth opportunities recently presented us,” Steve Laganas, CEO and founder of ABLE, said.
“All of the banks supporting our existing facility, as managed by our lead agent, M&T Bank, fully subscribed to the increase and growth positioning modifications,” Thomas Caldaroni, CFO of ABLE, said. “M&T again fully delivered on all our expectations, including proposing additional modifications that will help us execute with our present growth trajectory.”
