Canadian Equipment Rentals closed the previously announced $20.4 million loan transaction with Maynbridge Capital and repaid the existing syndicated lenders in full.

The company also completed the conversion of $2.5 million of debt owing to a company controlled by Dean Swanberg in exchange for 10 million common shares of the company, representing a price of $0.25 per share.

Concurrently with the closing of the loan transaction, the directors of CERC appointed Swanberg and Dean Shillington, CEO of Maynbridge, to the company’s board of directors.