Neff to make $11.8 million prepayment on second-lien term loan in 2017

By Angela McDaniels

Tacoma, Wash., March 6 – Neff Corp. will make an $11.8 million mandatory prepayment on its $575 million second-lien term loan due 2021 during 2017, according to a 10-K filing with the Securities and Exchange Commission.

As of Dec. 31, the company had $468.9 million outstanding under the loan.

Under the terms of the loan, if the company’s total leverage ratio is less than 4 to 1 but greater than 3 to 1 at the end of the fiscal year, it must make a mandatory prepayment equal to 25% of its excess cash flow.

Neff is a Miami-based construction equipment rental company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.