NES Amends Senior Credit Facility

Oct. 21, 2002
Evanston, Ill.-based National Equipment Services last week announced approval of an amendment to its senior credit facility. According to Michael Milligan,
Evanston, Ill.-based National Equipment Services last week 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.

NES is No. 4 on the RER 100.