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Medley Capital Provides $30MM Term Loan to Essex Rental

May 14, 2014, 07:17 AM
Filed Under: Rental News

Essex Rental Corp. announced the closing of a $30.0 million term debt facility to refinance a portion of its existing senior secured debt at its Essex Crane subsidiary. The term loan facility, which matures in 2019 was provided by Medley Capital Corporation.

The refinancing extends the average duration of Essex Crane’s debt maturities through 2019, requires no mandatory amortization payments through maturity and eliminates the step down in the revolving credit facility in March 2015.

"We are pleased to consummate this refinancing," commented Kory Glen, chief financial officer of Essex. "The extension of our debt maturities and elimination of the March 2015 step down in the commitment size of the Essex Crane revolving credit facility supports our long-term goals and strategic initiatives in place. We remain focused on these long-term goals and strategic initiatives which include improving utilization, enhancing quality, improving customer relationships and reshaping our asset portfolio and repositioning the fleet."

Essex, through its subsidiaries, is one of North America's largest providers of rental and distribution for mobile cranes (including lattice-boom crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects.

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