Utica Equipment Finance completed $10.9 million in transactions in December.
The transactions included:
- A $2.35 million capital lease secured by multi-passenger and delivery vans. The company operates out of seven major U.S. cities and engages in corporate and government long term rental contracts. With Utica’s funding they were able to refinance existing vehicles. This is the second transaction that Utica has completed with this customer.
- A $1.85 million capital lease secured by manufacturing and fabrication equipment to a prominent manufacturing and fabrication company based in Louisiana. Specializing in oilfield fabrication, shipbuilding, and repair of steel and aluminum vessels, the company has strategically utilized this funding to secure working capital by leveraging its unencumbered equipment.
- A $6.7 million capital lease to two coal mines in West Virginia secured by trucks, dozers, excavators and wheel loaders. The mines comprise both a metallurgical surface mine, featuring a coal preparation plant and a CSX rail loading facility and a metallurgical and thermal coal surface mine, complete with a coal preparation plant. Utica’s financing enabled the company to successfully refinance existing assets, clear outstanding personal property taxes and secure additional working capital.
