Cooper Equipment Rentals Closes $150 Million Asset-Based Senior Credit Facility
May 23, 2017, 09:26 ET
TORONTO, May 23, 2017 /CNW/ - Cooper Equipment Rentals Limited ("Cooper"), a leading Canadian equipment rental company, announced today that it closed an expanded CAD$150,000,000 asset-based senior secured credit facility (the "Facility"). Wells Fargo Capital Finance Corporation Canada serves as administrative agent and lead lender for the Facility, and CIBC Asset Based Lending serves as participating lender. The Facility will be used to refinance existing indebtedness and support future growth.
Doug Dougherty, President of Cooper, commented "This financing represents a significant step forward for Cooper. It allows us to consolidate and simplify our structure, and puts us in a great position to respond to growth opportunities throughout Canada. We are pleased to continue the business partnership we have with each of Wells Fargo and CIBC, and we look forward to our lenders' continued support".
Darryl Cooper, CEO of Cooper, added "We deliver a rental solution to our customers that is safe, reliable and always on time. The financing arrangement that we announced today will allow us to continue providing premium service and the latest equipment to our established customers. It will also support our geographic expansion to key markets across Canada, broadening the service that we can deliver to existing customers and allowing us to offer our specialized rental solutions to new customers through a wider branch network."
About Cooper
Established in 1972, Cooper Equipment is a Canadian owned full service construction equipment rental company, servicing contractors throughout Ontario and in parts of Quebec and Alberta. Cooper specializes in compact equipment and aerial rentals and offers a broad range of construction equipment and supplies, backed by unparalleled service and support. The company operates 23 rental locations. In 2013 Cooper received a majority investment from Halifax-based SeaFort Capital.
About SeaFort
SeaFort Capital, based in Halifax, Nova Scotia, makes majority investments in small and medium-sized Canadian businesses and partners with experienced managers to build value. Learn more about SeaFort Capital at www.seafortcapital.com.
Website: www.cooperequipment.ca
SOURCE SeaFort Capital Inc.
For further information: Doug Dougherty, President, Cooper Equipment Rentals Limited, E-mail: [email protected], Phone: (416) 727-4764