WASHINGTON (dpa-AFX) - Mazzotta Rentals, Inc. (MRI), a provider of rental equipment solutions, Tuesday said it has secured an asset-based loan credit facility with M&T Bank (MTB) as lead arranger and administrative agent.
The facility refinances existing debt and will support the company's continued growth and expansion efforts. The transaction is comprised of a $120 million revolving line of credit along with a $5 million term loan facility. The transaction also provides MRI with a $35 million accordion feature for future growth.
'We are thrilled to have the financial backing from M&T Bank to continue scaling our operations, expand our footprint, and meet increasing demand from our customers,' said Thomas Caldaroni, Chief Administrative Officer of Mazzotta Rentals, Inc., 'This credit facility is a strong endorsement of our performance and overall growth strategy, and it positions us to take advantage of new opportunities in key adjacent markets.'
The credit facility, led by M&T Bank, along with a consortium of top-tier financial institutions, reflects strong confidence in MRI's leadership, operational performance, and future trajectory.
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