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Capital One Bank Closes $2.1B Senior Secured Asset-Based Revolving Credit Facility for EquipmentShare

October 14, 2022, 07:47 AM
Filed Under: Rental

Capital One served as administrative agent for an amended and restated credit facility for EquipmentShare, a nationwide construction solutions provider. EquipmentShare will use the facility, which increased its borrowing capacity from $1.2 billion to $2.1 billion, to expand its footprint and finance further growth of the company. The revolver has a $1.0 billion accordion option.

In August 2021, Capital One served as the lead arranger and administrative agent for EquipmentShare’s original line of credit. Since that time, EquipmentShare has entered a number of new markets nationwide and served thousands of new customers.

“At Capital One, we are deeply committed to working hand-in-hand with our clients,” said Tim Tobin, Head of Asset Based Lending at Capital One. “EquipmentShare’s growth and success is truly impressive and we’re thrilled to continue our partnership with EquipmentShare as they evolve the business and expand their footprint.”

“This increased Asset Based Lending facility led by Capital One will allow EquipmentShare to expand our nationwide footprint,” said Trevor Schauenberg, EquipmentShare’s CFO. “This liquidity will enable EquipmentShare to continue to deliver productivity and value to our customers and the construction industry.”

Founded in 2014 and incorporated in 2015, EquipmentShare solves industry pain points through smart jobsite technology and equipment rental, retail and service centers. Together with its customers and employees, EquipmentShare is building the future of construction by bringing unparalleled visibility and control through T3 – the operating system for construction. T3’s enterprise suite of apps is OEM-agnostic and can monitor and manage any piece of equipment, regardless of brand, to help contractors monitor assets, prevent theft and machine misuse, track employee hours and shifts, increase machine utilization, streamline maintenance and prevent unplanned downtime.

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