McGrath RentCorp Announces Completion of $650 Million Financing
July 19 2022 - 5:56PM
Business Wire
McGrath RentCorp (NASDAQ: MGRC) (the “Company”), a
diversified business-to-business rental company, today announced
that it has 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, Inc. served as Joint Lead Arranger and Sole
Bookrunner. Bank of America, N.A. served as Administrative Agent.
U.S. Bank National Association, MUFG Union Bank N.A. and Wells
Fargo Bank, N.A. 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.
ABOUT MCGRATH RENTCORP:
Founded in 1979, McGrath RentCorp (Nasdaq: MGRC) is a
diversified business-to-business rental company providing modular
buildings, electronic test equipment, portable storage and tank
containment solutions across the United States and other select
North American regions. The Company’s rental operations consist of
four divisions: Mobile Modular rents and sells modular buildings to
fulfill customers’ temporary and permanent classroom and office
space needs; TRS-RenTelco rents and sells electronic test
equipment; Adler Tank Rentals rents and sells containment solutions
for hazardous and nonhazardous liquids and solids; and Mobile
Modular Portable Storage provides portable storage rental
solutions. For more information on McGrath RentCorp and its
operating units, please visit our websites:
Corporate – www.mgrc.com Tanks and Boxes –
www.adlertankrentals.com Modular Buildings – www.mobilemodular.com
Portable Storage – www.mobilemodularcontainers.com Electronic Test
Equipment – www.trs-rentelco.com School Facilities Manufacturing –
www.enviroplex.com
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version on businesswire.com: https://www.businesswire.com/news/home/20220719006096/en/
Keith E. Pratt EVP & Chief Financial Officer
925-606-9200
McGrath RentCorp (NASDAQ:MGRC)
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