PNC Bank has closed two credit packages totalling nearly USD79.5 million for Rental Equipment Investment Company (REIC), an equipment rental company based in Florida, and Total Plastics Inc (TPI), a distributor and fabricator of plastic sheet, rod, tube, film and tape, headquartered in Michigan.
Both companies will use the funds, in part, to finance acquisitions.
REIC is a rental equipment company formed from the completion of the following acquisitions: Midway Rental (Kalispell, Montana), Reliable Equipment Rental (Wheatland, Wyoming), Hillside Rental (Greeley, Colorado) and Pro Rentals and Sales, Inc. (Idaho Falls, Idaho).
PNC provided a USD34 million senior secured financing package to REIC which included a USD30 million revolving credit facility, a USD4 million term loan facility, and treasury management products and services. The financing will be used partially to fund the acquisition of Pro Rentals and Sales, as well as to refinance existing debt, to purchase new equipment and for general working capital purposes.
PNC provided USD45.5 million in senior secured financing to TPI, a portfolio company of Prophet Equity Management, a Dallas-based private equity firm. The financing included a USD27 million revolver, a USD3 million capital expenditure line, and a USD15.5 million term loan, jointly funded by Steel City Capital Funding, a division of PNC Bank. PNC will also provide treasury management and capital markets services.
TPI will use the funds, in part, to finance the acquisition of Northeast Plastic Supply Company, to refinance existing debt and for general working capital purposes.
PNC Bank, National Association, is a member of The PNC Financial Services Group.
