McGrath RentCorp to repay revolver with $60 million notes placement

New York, Nov. 5 – McGrath RentCorp said it will repay borrowings on its revolving credit facility using proceeds from a $60 million private placement of notes.

The company announced in a press release Thursday that it has agreed to sell $60 million of 3.84% senior notes due 2022 to Prudential Investment Management, Inc.

Proceeds will be used to repay borrowings on McGrath RentCorp’s revolving credit facility.

“We are very pleased to have secured this financing,” said Dennis Kakures, president and chief executive officer of the company, in the news release. “While we will initially experience an increase in the average interest rate on our outstanding debt, we will also have greater interest rate certainty for 2016 and future years.”

McGrath RentCorp is a Livermore, Calif. rental company that offers modular buildings, electronic test equipment and portable storage containers.

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