FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Siena Lending Group Closes $25MM Credit Facility to Finance Acquisition of National Railway Equipment

May 25, 2023, 06:07 AM
Filed Under: Rail

Siena Lending Group closed a $25 million asset-based credit facility for TRM NRE Acquisition LLC to finance the acquisition of certain assets of National Railway Equipment Co. (“NRE”). Siena’s revolving credit and delayed draw term loan facility was closed in only 19 days to finance TRM Equity’s (“TRM”) purchase of certain assets of NRE and their ongoing working capital needs. Armory Securities (“Armory”) acted as the Company’s advisor on their restructuring, sale and financing.

NRE specializes in the sale and service of new and remanufactured locomotives, along with marine engine services, and has delivered over 1,200 locomotives to North American and International railroads. NRE also sells locomotive parts & components and provides overhaul, repair and leasing services, adding value by incorporating its “N-Viromotive” technology to lower fuel consumption and reduce costs and emissions. Following challenges and the resulting transition over the last couple of years, the Company was acquired by TRM Equity, a private equity firm that makes control investments in distressed or underachieving middle market manufacturing businesses and transforms them through their operationally intensive approach.

Jeffrey Stone, Managing Director of TRM, said, “Siena delivered on what was promised and met the tight time frame required to get the deal done in less than three weeks. We thank everyone on the Siena team and look forward to our financing partnership for NRE to succeed in the future.”

Nick Tell, Senior Managing Director of Armory, added, “The Company was very appreciative of everyone’s efforts to complete this transaction which helped keep over 300 people employed at NRE. This was the second deal we have completed with Siena in this industry who dug deep to understand the business, and we look forward to working on more opportunities together with the Siena team.”

Mark Orlando, Managing Director of Siena, said, “We are happy to deliver on a flexible financing for NRE and get the deal done with TRM in such a short time frame. Our team’s knowledge of the industry and experience working with Armory on the financing over several months allowed us to develop a creative structure which we could execute quickly. We’re excited to provide a mutually beneficial financing relationship between Siena and NRE to help them reach new levels of success.”

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.