The Company retained Fort Dearborn to review operations, prepare 2010 and 2011 financial forecasts, identify and implement profit improvement initiatives, and secure new financing.
With Fort Dearborn’s assistance, the Company successfully:
- Extended line-of-credit facility with its former lender
- Increased line-of-credit facility with its former lender by $6 million
- Improved timeliness of financial reporting
- Improved equipment utilization
- Prepared due diligence documentation as required to extend its line-of-credit facility with its former lender and the new lender
- Executed a Revolving Credit Facility with a new lender
The new financing structure for the Company provided immediate, and much needed, liquidity due to the company’s continued growth. Additionally, the structure provides annual interest savings in excess of $1 million.
Fort Dearborn’s industry expertise in the equipment rental sector and experience with the credit markets enabled the transaction to be completed expeditiously and on favorable terms.