IronPlanet, a leading online marketplace for buying and selling used heavy equipment and trucks, has closed a new $55-million senior secured credit facility.
The new facility repays a prior senior secured loan and provides additional capital for growth.
“IronPlanet is continuing to build on the momentum we’ve gathered over the last year, and this new financing will help fund our future growth,” said Gregory J. Owens, IronPlanet Cchairman and CEO. “Since last September, we’ve entered two new verticals, oil and gas, with the purchase of Kruse Energy and Equipment Auctioneers, and government surplus, which we launched as GovPlanet. In April, we merged with Cat Auction Services which strengthened our relationship with Caterpillar and their dealers globally and added an onsite component to our sales channels."
Owens said that in addition to being an online marketplace, IronPlanet offers asset management solutions for large and small businesses by leveraging its 1.4-million registered users worldwide.
The new credit facility matures in five years.
SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as lead arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase Bank, N.A., Regions Bank, and Silicon Valley Bank.
Orrick, Herrington & Sutcliffe LLP represented IronPlanet and Jones Day represented SunTrust in the transaction.
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