ABLE Equipment Rental closed a $150 million asset-based loan with M&T Bank as lead arranger and administrative agent.
The facility is comprised of a $100 million revolving line of credit as well as a $15 million term loan facility. The transaction also provides ABLE with a $35 million accordion feature. The credit facility will be used to refinance existing indebtedness, purchase rental fleet and provide working capital, as well as for general corporate purpose.
“We are very excited about our new credit facility with M&T Bank,” said Steve Laganas the chief executive officer and founder of ABLE. “The transaction was nicely oversubscribed and helps to position ABLE for continued growth and success.”
Founded in 1996, ABLE Equipment Rental is privately owned with six locations. ABLE’s fleet of service vehicles provides emergency service and repairs to both corporate and customer owned equipment.
