PNC Provides $79.5MM in Acquisition Financing



PNC Bank closed two credit packages totaling $79.5 million for Rental Equipment Investment Company (REIC), an equipment rental company based in Miami, Florida; and Total Plastics (TPI), a leading distributor and fabricator of plastic sheet, rod, tube, film and tape, headquartered in Kalamazoo, MI. Both companies will use the funds, in part, to finance acquisitions.

REIC is a rental equipment company formed from the completion of the following acquisitions: Midway Rental (Kalispell, MO), Reliable Equipment Rental (Wheatland, WY), Hillside Rental (Greeley, CO) and Pro Rentals and Sales, Inc. (Idaho Falls, ID).

PNC provided a $34 million senior secured financing package to REIC which included a $30 million revolving credit facility, a $4 million term loan facility, and treasury management products and services. The financing will be used partially to fund the acquisition of Pro Rentals and Sales as well as to refinance existing debt, to purchase new equipment and for general working capital purposes.

In addition, PNC provided $45.5 million in senior secured financing to TPI, a portfolio company of Prophet Equity Management, a Dallas-based private equity firm. The financing included a $27 million revolver, a $3 million capital expenditure line, and a $15.5 million term loan, jointly funded by Steel City Capital Funding, a division of PNC Bank. TPI will use the funds, in part, to finance the acquisition of Northeast Plastic Supply Company, to refinance existing debt and for general working capital purposes.


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com