GE Capital Restructuring Finance said it is co-agent for a $175 million plan of reorganization revolving credit facility to Neff Rental, which emerged from Chapter 11 bankruptcy last week. The financing supports working capital needs as the company emerges from bankruptcy. GE Capital Markets served as joint lead arranger.
“With the help of GE Capital, this completes our pre-arranged financial restructuring,” said Mark Irion, Neff Rental’s chief financial officer. “GE helped to provide the liquidity and financial flexibility we needed to execute our turnaround plan and begin a new chapter.”
“Construction equipment rental was hit extremely hard by the recent downturn,” said Jim Hogan, senior managing director, GECRF. “Throughout the ups and downs of the economy, we specialize in helping management and their advisors to rejuvenate companies.”
Based in Miami, Neff Rental is No. 16 on the RER 100.