NewswireToday - /newswire/ -
Norwalk, CT, United States, 2010/10/12 - GE Capital, Restructuring Finance announced it is co-agent for a $175 million plan of reorganization revolving credit facility to Neff Rental, Inc., a national construction equipment rental company (NYSE: GE). NYSE: GE
The financing supports working capital needs as the company emerges from Chapter 11. GE Capital Markets served as joint lead arranger.
Established in 1989, Miami, FL-based Neff Rental owns and operates 62 equipment rental locations in 14 states throughout the southeastern, gulf and western regions of the U.S. The company primarily serves the construction, industrial and government sectors.
“With the help of GE Capital, this completes our prearranged financial restructuring,” said Mark Irion, CFO for Neff Rental, Inc. “GE helped to provide the liquidity and financial flexibility we needed to execute our turnaround plan and begin a new chapter.”
“Construction equipment rental was hit extremely hard by the recent downturn,” said Jim Hogan, senior managing director, GE Capital, Restructuring Finance. “Throughout the ups and downs of the economy, we specialize in helping management and their advisors to rejuvenate companies.”
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. With Access GE, clients also benefit from access to GE’s best practices. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide.
Jeff Wilson - GE Capital, Corporate Finance
P: +1 203 749 6340 / E: Jeffrey.Wilson[.]ge.com.