Crane rental specialist Essex Rental Corp. announced the closing of a $30 million term debt facility to refinance a portion of its existing senior secured debt. The refinancing extends the average duration of Essex Crane’s debt maturities through 2019, requires no mandatory amortization payments through maturity and eliminates the step down in the revolving credit facility in March 2015.
“The extension of our debt maturities and elimination of the March 2015 step down in the commitment size of the Essex Crane revolving credit facility supports our long-term goals and strategic initiatives in place,” said Kory Glen, Essex chief financial officer of Essex. “We remain focused on these long-term goals and strategic initiatives which include improving utilization, enhancing quality, improving customer relationships and reshaping our asset portfolio and repositioning the fleet.”
The term loan facility, which matures in 2019, was provided by Medley Capital Corp.