Mongolia Holdings announced through its wholly owned Mongolian subsidiaries Hertz Equipment Rental Corp. LLC and Equipment Rental LLC that it has entered into a loan agreement with XacBank for a $10 million equipment financing transaction for its Hertz Equipment Rental franchise operations in Mongolia. The financing represents the first $10 million franche of a proposed $40 million line of credit arranged by XacBank.
XacBank is one of Mongolia’s largest banks, serving retail customers, small- and medium-sized businesses as well as large corporations.
“This culminates over three years of planning, due diligence, hard work and execution,” said Mongolia Holdings CEO Gary Kucher. “This completes a truly historic milestone for the company and a significant corporate financing within Mongolia. This credit facility allows the company to further execute its business plan, and we anticipate announcing additional progress in the near term.”
