EVANSTON, Ill. — National Equipment Services last month announced approval of an amendment to its senior credit facility.
According to Michael Milligan, CFO, amending the senior credit facility gives the company the financial flexibility to continue its strategic initiatives.
“We have taken several steps recently to increase profitability and leverage our revenue stream,” Milligan said. “As a result of this amendment, NES has the ability to continue its cost-reduction efforts, address its upcoming financing requirements and solidify its position in the marketplace.”
The new credit facility totals $550 million. NES presently has $485.5 million in debt, and has repaid more than $100 million during the year.
The company also named Joseph Guillion president and CEO, replacing founder Kevin Rodgers, who will continue as vice chairman. Rodgers, in his new role, will concentrate on mergers and acquisitions, financing, business development and investor relations.
Guillion has a strong background in improving equipment service-oriented businesses. Most recently he served as executive vice president and chief operating officer of AAR Corp., a Chicago-based aircraft services business. Before that he was president of Boeing Airplane Services, vice president of sales for Allied Signal, president and CEO of Airline Technical Services and executive vice president and COO of Dalfort Aviation.
Evanston, Ill.-based NES is No. 4 on the RER 100.
