IronPlanet Closes $55 Million Senior Secured Credit Facility
Online equipment auctioneer IronPlanet has closed a new $55 million senior secured credit facility, allowing it to repay a prior senior secured loan and providing it with additional capital for growth. Since November IronPlanet has entered two new industry verticals: oil and gas, with the acquisition of Kruse Energy and Equipment Auctioneers; and government surplus, which it launched as GovPlanet.
“IronPlanet is continuing to build on the momentum we’ve gathered over the last year and this new financing will help fund our future growth,” said Gregory Owens, IronPlanet chairman and CEO. “In April, we merged with Cat Auction Services which strengthened our relationship with Caterpillar and their dealers globally and added an onsite component to our sales channels.”
Also, Finning, the largest Cat dealer in the world, has agreed to jointly market used heavy equipment through Cat Auction Services.
“We have built the leading online marketplace for used heavy equipment and trucks and continue to augment our leadership position with asset management solutions for large and small businesses alike by leveraging our 1.4 million registered users worldwide and the demand generated by this global reach.”
The new credit facility has a five-year maturity. SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as lead arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase Bank N.A., Regions Bank and Silicon Valley Bank. Orrick, Herrington & Sutcliffe LLP represented IronPlanet and Jones Day represented SunTrust in the transaction.
