NES Rentals Holdings has completed a financing plan that replaces the exit credit facility the company put in place when it emerged from bankruptcy in February. NES has entered into a $300 million, five-year, asset-based senior credit facility and a $275 million, six-year, second-lien term loan. The senior credit facility also gives the company a $200 million term loan and a $100 million revolving credit line. The new financing takes advantage of a competitive lending market and gives NES greater financial flexibility than was available at the time the company emerged from bankruptcy, said Andrew Studdert, chief executive of NES. Since February, the company has also executed measures to achieve greater operational efficiency, Studdert said.
NES Rentals announces new financing plan
Aug 30, 2004