ABLE receives increase on asset-based loan

By Lindsey Anderson19 May 2022

One of ABLE’s JLG 1350SJP booms working in Camden, NJ. (Photo: ABLE)

ABLE Equipment Rental, Inc.  announced an increase to its existing Asset Based Loan with M&T Bank as Lead Arranger and Administrative Agent. The $175 million facility is now comprised of a $125 million revolving line of credit along with the original $15 million term loan facility. Additionally, the transaction continues to provide ABLE with a $35 million accordion feature for future growth. The increased credit facility will be used to grow the company’s rental fleet, provide for general corporate working capital, and more importantly provide for growth capital as the company expands its geographic footprint beyond the northeast markets.

“This recent increase to our credit facility with M&T Bank better positions our business to execute against multiple growth opportunities recently presented us”, said Steve Laganas the chief executive officer and founder of ABLE.

“All of the banks supporting our existing facility, as managed by our Lead Agent M&T Bank, fully subscribed to the increase and growth positioning modifications”, said ABLE’s Chief Financial Officer Thomas Caldaroni. “M&T again fully delivered on all our expectations, including proposing additional modifications that will help us execute with our present growth trajectory.”

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
SAIA early bird rates end soon
The SAIA Annual Convention & Exposition attendee early bird rates expire May 31, exhibitor space limited
Two-day access and rental event set for September
The ALH Conference and IPAF Innovate workshop have combined forces to offer two days of education and networking for the access and rental industries
First speakers for ALH Conference announced
Larry Silber, president and CEO of Herc Rentals, to keynote ALH Conference, Sept. 29 in Chicago
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

CONNECT WITH THE TEAM
Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com
CONNECT WITH SOCIAL MEDIA