General Finance units amend revolver to allow note interest payments

By Marisa Wong

Madison, Wis., May 29 - General Finance Corp. subsidiaries Pac-Van, Inc. and Lone Star Tank Rental Inc. entered into on May 23 a first amendment to their amended and restated credit agreement dated April 7 with Wells Fargo Bank, NA, HSBC Bank USA, NA and Capital One Business Credit Corp., according to an 8-K filing with the Securities and Exchange Commission.

The amendment permits Pac-Van and Lone Star to make payments to General Finance allowing the parent company to pay interest owed to holders of senior notes due 2021, which General Finance plans to issue in the future and which require General Finance to use 80% of the note proceeds to reduce borrowings under the credit agreement.

The restated credit agreement provided for a $200 million senior secured revolving credit facility due Sept. 7, 2017, as previously reported.

Based in Pasadena, Calif., General Finance is the parent company of businesses in the mobile storage, modular space and liquid containment industries.

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