TCC Financial, the U.S. lending division of Travelers Capital Corp., a Canadian asset-based lender, is pleased to announce the successful closing of a US$30.8 million senior secured term loan facility to support the growth and development needs of a leading heavy equipment rental business headquartered in California. Structured as a non-fully amortization 24-month bridge loan, the facility was tailored to re-stabilize the firm in a post-COVID environment, improve free cash flow retention, and inject working capital to meet growth objectives.

"By consolidating the various incumbent debt facilities, we were able to structure a solution that provided material working capital at inception and a reduced annual debt service burden," said Warren Miller, Vice President of TCC. To facilitate within the required closing timeline, TCC engaged the services of Rouse Appraisal LLC, a Ritchie Bros. Auctioneers company, to assist with the prompt and comprehensive appraisal of nearly one-thousand assets.

By providing TCC with thorough and reliable values within an expedited timeframe, Rouse's assistance proved vital in making this deal come together," emphasized Miller. "The partnership with Rouse provided us with the comfort needed to take a more aggressive position on the collateral than we would have typically in this economic climate, which ultimately allowed us to meet the client's working capital goals."

The closing of this facility is a notable success and a testament to the client's tenured operations and well-managed asset base. TCC notes that the agreed-upon financing does not include any equity or equity-linked component and is entirely non-dilutive for shareholders.