Rush Enterprises and a syndicate of lenders have entered into an amended credit facility that will provide $850 million of revolving credit loans to finance the company’s purchase of new and used vehicle inventory and to finance the company’s working capital needs.
The revolving credit loans consist of: $640 million of revolving A loans; $100 million of revolving B loans; and $110 million of revolving C loans, according to an SEC filing.
According to the filing, GE Capital Commercial will serve as administrative agent and collateral agent for the lender group that consists of Bank of the West, Comerica Bank, MassMutual Asset Finance, PNC Bank, CIT Finance, Bank of Texas, Wells Fargo and Bank of America.
GE Capital Markets served as sole lead arranger and bookrunner on the transaction.
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