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IronPlanet Closes New $55MM Debt Financing With SunTrust, Others

September 18, 2015, 08:01 AM
Filed Under: Auction News

IronPlanet, a leading online marketplace for buying and selling used heavy equipment and trucks, has closed a new $55 million senior secured credit facility. The new facility repays a prior senior secured loan and provides additional capital for growth. The new credit facility has a five year maturity. SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as Lead Arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase Bank, N.A., Regions Bank and Silicon Valley Bank.

“IronPlanet is continuing to build on the momentum we’ve gathered over the last year and this new financing will help fund our future growth,” said Gregory J. Owens, IronPlanet Chairman and CEO. “Since last September, we’ve entered two new verticals, oil and gas, with the purchase of Kruse Energy and Equipment Auctioneers, and government surplus, which we launched as GovPlanet. In April, we merged with Cat Auction Services which strengthened our relationship with Caterpillar and their dealers globally and added an onsite component to our sales channels.

“We have built the leading online marketplace for used heavy equipment and trucks and continue to augment our leadership position with asset management solutions for large and small businesses alike by leveraging our 1.4 million registered users worldwide and the demand generated by this global reach,” continued Owens.

Orrick, Herrington & Sutcliffe LLP represented IronPlanet and Jones Day represented SunTrust in the transaction.

IronPlanet is a leading online marketplace for used heavy equipment and an innovative participant in the multi-billion dollar heavy equipment auction market. Since 2000, IronPlanet has sold over $4 billion of used equipment online and has built a database of more than 1.4 million registered users worldwide. IronPlanet connects buyers and sellers of used equipment with its exclusive IronClad Assurance® buyer protection program and family of sites including IronPlanet®, GovPlanet®, TruckPlanet®, Cat Auction Services, Kruse Energy and Equipment AuctioneersSM, allEquip® and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar, and Volvo.

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