TNT Crane & Rigging LLC recently closed on a $385 million asset-based-lending revolving credit facility (the ABL Facility) and a new $119 million 2-lien term loan (the 2L Facility).
Proceeds from the ABL and 2L facilities will be used to repay all outstanding amounts under TNT's Priority First Lien Credit Agreement and Takeback First Lien Credit Agreement, along with associated fees and expenses. At close, TNT had $230 million borrowed under the ABL Facility, resulting in approximately $96 million of available liquidity under the borrowing base formulation of the ABL Facility.
As a result of this refinancing, TNT expects annual savings in interest expenses of approximately $10 million. The ABL Facility comprises an aggregate committed facility of $385 million and a $75 million uncommitted accordion.
"The new ABL and 2L facilities provide TNT with material reductions in our cost of capital, while increasing our financial flexibility," said TNT CFO Deana Haygood. "In addition, this capital structure provides TNT increased runway to continue our growth strategies at a much lower cost of capital, furthering our ability to increase returns to our shareholders."
For more information, visit www.tntcrane.com or call (800) 799-2505.
