Ahern Obtains $175 Million Credit Facility
Bank of America Business Capital, one of the world's largest asset-based lenders, last week announced it was co-lead arranger and administrative agent for a $175 million revolving credit facility to Las Vegas-based Ahern Rentals, one of the largest independently owned rental companies in the United States. The facility will be used to refinance existing debt and provide ongoing working capital. Bank of America will also provide letters of credit as well as cash management products and services.
"With its extensive experience in financing rental equipment companies, Bank of America business Capital delivered a flexible debt structure with a more attractive financial covenant package than other lenders competing for our business," said Ahern president Don Ahern. "This financing gives us the liquidity to fund our ongoing organic growth strategy and capital expenditure plans."
"We replaced Ahern's credit facilities with a single more favorable loan structure enabling the company to invest in its business as the construction industry enters a period of renewed growth," said James Connolly, president of Bank of America Business Capital.
Ahern Rentals, No. 15 on the RER 100, was established in 1953. It has 33 locations in Nevada, California, Arizona, Utah, Texas, Colorado and Oregon. It offers a diverse inventory strong in earthmoving and aerial equipment, yet still offering hand tools and lawn-and-garden tools.