General Finance Corp. amended and extended its senior secured revolving credit facility with a syndicate led by Wells Fargo Bank NA.
The facility now totals $230.0 million and is scheduled to mature on March 24, 2022, if the company's 8.125% senior unsecured notes due July 31, 2021, are extended at least 90 days past the scheduled maturity date. The facility would otherwise mature on March 24, 2021. The facility had about $26 million of borrowing availability at closing.
In connection with the closing of the facility, the company entered into a separate loan agreement with B. Riley Financial Inc.'s wholly owned subsidiary Great American Capital Partners for a first in last out term loan of $20 million within the facility.