B. Riley Lends $20 Million to General FinanceTuesday, March 28, 2017
A subsidiary of B. Riley Financial Inc. has made a $20 million loan to General Finance Corp. in Pasadena, a provider of portable and modular storage space in Asia, Australia and New Zealand.
B. Riley’s Great American Capital Partners in Woodland Hills provided a first in last out term loan to General Finance as part of a larger $230 million credit facility reorganization. The main lenders for the credit facility are Wells Fargo Bank, East West Bank, CIT Bank, Private Bank & Trust Co., KeyBank and Bank Hapoalim. The credit facility will mature in 2022 and is secured by the truck rental fleet and other assets of the company.
Great American’s loan is secured with the same collateral on a first priority basis, but on a “last out” basis, meaning after all outstanding obligations to the primary lenders are paid.
“We are very pleased with this refinancing as it provides us with ongoing financial flexibility and nicely positions us for continued growth,” Ronald Valenta, General Finance’s chairman, said in a statement.
B. Riley (RILY) shares closed Tuesday up 30 cents, or 2 percent, to $15.10 on the Nasdaq.