ABLE Equipment Rental, Inc. Secures a $150 Million Asset Based Loan With M&T Bank
New Credit Facility Positions ABLE For Continued Growth.
ABLE Equipment Rental, Inc. (ABLE) of New York, a supplier of construction equipment rentals, sales, service and parts, announced the closing of 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. Additionally, the transaction 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 Chief Executive Officer and Founder of ABLE, Steve Laganas. "The transaction was nicely oversubscribed and helps to position ABLE for continued growth and success."