Loan & DebtMay 11, 2026, 04:03 PM
McGrath Secures New $725M Revolving Credit Facility
AI Summary
McGrath RentCorp announced it has secured a new $725 million five-year revolving credit facility, replacing its existing $650 million credit facility. The new agreement, entered into on May 8, 2026, extends the maturity date to May 8, 2031. Proceeds from the facility will be utilized for working capital, capital expenditures, and other general corporate purposes, enhancing the company's financial flexibility.
Key Highlights
- McGrath secured a new $725 million five-year revolving credit facility.
- The new facility replaces the company's existing $650 million credit facility.
- The facility matures on May 8, 2031, extending the previous term.
- It includes a $40 million sublimit for standby letters of credit.
- A $20 million sublimit is provided for swingline loans.
- Proceeds will be used for working capital, capital expenditures, and general corporate purposes.
- The company has the ability to add more term loans or increase commitments.
- Bank of America, N.A. served as Administrative Agent and Sole Bookrunner.