General Finance unit lowers credit facility; amends maturity, interest

By Tali Rackner

Norfolk, Va., Dec. 19 – General Finance Corp. subsidiary Royal Wolf Holdings Ltd. and its Australian and New Zealand subsidiaries entered into a second variation deed to the ANZ multicurrency facility agreement and the CBA multicurrency facility agreement for its senior secured credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Under the modified agreements:

• The refinanced credit facility was reduced by A$25 million to A$100 million, with the total senior secured multi-option debt facility being A$150 million;

• The maturity date is now Jan. 31, 2022;

• Interest on the new five-year tranche from ANZ is at the bank bill swap interest rate in Australia (BBSY) or New Zealand (BKBM), plus 140 basis points to 240 bps, depending on the net debt leverage ratio; and

• Interest under the CBA second variation deed is the bank bill swap interest rate in Australia or New Zealand, plus a margin of 175 bps to 265 bps.

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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