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Bank Syndicate Provides $650MM Credit Facility to McGrath RentCorp

July 20, 2022, 07:46 AM
Filed Under: Rental

McGrath RentCorp completed a $650 million credit facility with a syndicate of banks. The five year facility matures on July 15, 2027 and replaces the Company’s existing $420 million line of credit. BofA Securities served as Joint Lead Arranger and Sole Bookrunner. Bank of America served as Administrative Agent. U.S. Bank, MUFG Union Bank and Wells Fargo Bank served as Joint Lead Arrangers and Co-Syndication Agents. 

The proceeds of the facility will be used for working capital, capital expenditures and other general corporate purposes. Additional information regarding the new credit facility is available in the Company’s current report on Form 8-K, filed with the SEC on July 19, 2022.





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