McGrath RentCorp has announced the completion of a $725 million credit facility with a syndicate of banks, replacing the company’s existing $650 million line of credit. The five-year facility matures on May 8, 2031, and will be used for working capital, capital expenditures, and other general corporate purposes.
Bank of America, N.A. served as Joint Lead Arranger, Sole Bookrunner, and Administrative Agent on the transaction. U.S. Bank N.A. and Wells Fargo Bank, N.A. served as Joint Lead Arrangers and Co-Syndication Agents. The expanded facility increases McGrath’s available credit by $75 million and extends the company’s debt runway by five years, providing additional financial flexibility as the Livermore, California-based company continues executing across its core business lines.
Founded in 1979, McGrath RentCorp operates through its Mobile Modular and Mobile Modular Portable Storage businesses, which provide modular solutions across North America, as well as its TRS-RenTelco business offering electronic test equipment rental solutions. The company has grown its annual dividend for 35 consecutive years — a rare distinction among publicly listed companies — and has been a Nasdaq-listed company under the ticker MGRC for more than four decades.
