GE Capital Is Co-Lender in $175 Million Debtor-in-Possession Financing for Neff Rental

The construction industry’s financial landscape is constantly changing. Peaks a few years ago are now experiencing judiciary valleys today, but things are changing, and companies are evolving to get back on their feet. On June 8, GE Capital Restructuring Finance announced it was helping Neff Rental Inc. gain more financial stability, acting as co-lender for a $175 million debtor-in-possession credit facility for the national construction equipment rental company. The loan will be used for working capital needs as the company restructures through its prearranged plan under Chapter 11. GE Capital Markets served as co-lead arranger.

“Since 1995, GE Capital has worked closely with Neff to provide the company with capital to help meet its business objectives,” said Rob McMahon, managing director, GE Capital, Restructuring Finance. “In-depth knowledge of our borrowers and their industry means long term relationships and financial flexibility for our customers.”

Established in 1995, Neff is headquartered in Miami, Fla. The company owns and operates 63 equipment rental locations in 14 states throughout the southeastern, gulf and western regions of the United States.

“We value a lender with turnaround finance expertise and the willingness to work with us in both good and challenging times,” said Mark Irion, CFO for Neff Rental Inc. “GE’s significant commitment helps provide stability and liquidity as we focus on our restructuring efforts and confirming our prearranged plan.” 

GE Capital Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. For more information, visit gecapital.com.