Terex, DLL Provide Fleet Financing for Noble Iron
Noble Iron announced approved financing for the purchase of approximately $10.0 million of new rental fleet equipment for its Southeast Texas equipment rental & dealership depot.
The company said it has secured approximately $7.2 million of manufacturer financing, to be drawn over a number of tranches, to acquire approximately $8.0 million of Terex aerial work platforms and light construction equipment. The terms of the Terex fleet financing involve a total initial down payment of approximately 10%, a 63-month term, and a current indicated interest rate of approximately 6.50%, based on a floating LIBOR.
Noble Iron said this purchase will significantly expand Noble Iron Texas’ existing rental fleet offering, comprised primarily of heavy equipment including wheel loaders, excavators, skid steer loaders, and backhoe loaders – much of which was acquired through the acquisition of certain assets of Bane Machinery Houston in July 2012.
Separately, Noble Iron announced that it has taken delivery of approximately $1.4 Million of LiuGong Construction Machinery equipment under the terms of its Southeast Texas exclusive dealership agreement with LiuGong, and that it has secured conventional lease financing in the amount of $0.70 Million for this fleet purchase. This financing has been provided by De Lage Landen Financial Services and is payable over 48-months, at a current interest rate of approximately 5.0%.
Houston, TX-based Noble Iron operates three complementary sectors: equipment rental, equipment dealership and enterprise software for the construction and industrial equipment industry.