General Finance lifts credit facility to $232 million, adds borrower

By Marisa Wong

Madison, Wis., July 2 – General Finance Corp. subsidiaries Pac-Van, Inc., Lone Star Tank Rental Inc., GFN Realty Co., LLC, Southern Frac, LLC and GFN Manufacturing Corp. amended their amended and restated credit agreement dated April 7, 2014 to increase the maximum amount that may be borrowed to $232 million from $220 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also adds Southern Frac as a borrower and increases by $1.2 million, to $23.2 million from $22 million, the minimum amount of funds that must be available for borrowing to permit payment of affiliated company debt, payment of certain distributions, payments under the credit facility agreement with Credit Suisse AG, Singapore Branch dated March 31, 2014 and payment of management fees.

Wells Fargo Bank, NA is the agent under the amended credit agreement.

In connection with the amendment, the credit and security agreement dated Oct. 1, 2012 between Southern Frac, GFN Manufacturing, General Finance and Wells Fargo was terminated on July 1. All borrowings outstanding under the prior Southern Frac agreement were repaid in full. The facility was originally scheduled to mature on Oct. 1, 2015.

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

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