Northeast-Based Able Equipment Rental Upsizes Credit to Grow Fleet and Footprint
Able Equipment Rental of New York, a supplier of construction equipment rentals, sales, service and parts, recently announced an increase to 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. Additionally, the transaction continues to provide ABLE with a $35 million accordion feature for future growth. The increased credit facility will be used to grow the company’s rental fleet, provide for general corporate working capital, and more importantly provide for growth capital as the company expands its geographic footprint beyond the northeast markets.
“This recent increase to our credit facility with M&T Bank better positions our business to execute against multiple growth opportunities recently presented us”, said Steve Laganas the Chief Executive Officer and Founder of ABLE.
“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”, said Able’s Chief Financial Officer Thomas Caldaroni. “M&T again fully delivered on all our expectations, including proposing additional modifications that will help us execute with our present growth trajectory.”
Founded in 1996, Able Equipment Rental is privately owned with six locations. Corporate headquarters are based in Deer Park, N.Y.. Able provides rentals, sales, service and parts, as well as applications for critical infrastructure maintenance and support, contingency planning and disaster recovery. Able’s fleet of service vehicles provides emergency service and repairs to both corporate and customer owned equipment. Able’s locations serve the northeast markets of NY, NJ, CT, PA, DE and MD. For more information on Able Equipment Rental, visit ableequipment.com or send an email to [email protected]
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