Cooper Equipment Rentals closed an expanded C$150 million ($111.45 million) asset-based senior secured credit facility. Wells Fargo Capital Finance Canada will serve as administrative agent and lead lender for the facility, and CIBC Asset Based Lending will serve as participating lender. The facility will be used to refinance existing indebtedness and support future growth.

Doug Dougherty, president of Cooper, said, “This financing represents a significant step forward for Cooper. It allows us to consolidate and simplify our structure, and puts us in a great position to respond to growth opportunities throughout Canada. We are pleased to continue the business partnership we have with each of Wells Fargo and CIBC, and we look forward to our lenders’ continued support”.

Darryl Cooper, CEO of Cooper, added, “We deliver a rental solution to our customers that is safe, reliable and always on time. The financing arrangement that we announced today will allow us to continue providing premium service and the latest equipment to our established customers.  It will also support our geographic expansion to key markets across Canada, broadening the service that we can deliver to existing customers and allowing us to offer our specialized rental solutions to new customers through a wider branch network.”

Established in 1972, Cooper Equipment is a Canadian owned full service construction equipment rental company, servicing contractors throughout Ontario and in parts of Quebec and Alberta.