GE Capital, restructuring finance, Norwalk, Conn., announced it is co-lender for a $175 million debtor-in-possession credit facility for Neff Rental, Inc., Miami, Fla. The loan will be used for working capital needs as the company restructures through its prearranged plan under Chapter 11. GE Capital Markets served as co-lead arranger.
Established in 1995, Neff owns and operates 63 equipment rental locations in 14 states throughout the southeastern, Gulf and western regions of the U.S.
“We value a lender with turnaround finance expertise and the willingness to work with us in both good and challenging times,” said Mark Irion, Neff CFO. “GE’s significant commitment helps provide stability and liquidity as we focus on our restructuring efforts and confirming our prearranged plan.”
“Since 1995, GE Capital has worked closely with Neff to provide the company with capital to help meet its business objectives,” said Rob McMahon, GE managing director, restructuring finance. “In-depth knowledge of our borrowers and their industry means long-term relationships and financial flexibility for our customers.”
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