Noble Iron entered into an asset sharing partnership with Volvo Construction Equipment. Under the terms of the agreement, a number of Volvo-owned assets will be placed into Noble Iron’s equipment rental pool in Los Angeles and the two companies will share rental revenue earned on the Volvo equipment.

Volvo initially contributed approximately $560K of equipment under the Noble Iron asset sharing partnership.

Noble Iron also announced a $4.0 million loan facility, of which $3.7 million has been committed, to fund working capital and growth initiatives. The loan is effective June 3, 2016 and has a term of one year, with the company’s option to extend for an additional six months.

The loan is secured by the assets of Texada Software, the company’s wholly owned software subsidiary, and other terms include an annual interest rate of 15%, paid quarterly, with no principal payments due until maturity of the loan. Related parties participated for $2.6 million of the proceeds.