Riwal strikes credit deal
By Euan Youdale16 March 2015
Rental major Riwal has signed a €220 million syndicated credit facility, as well as an optional €40 million credit line.
The credit facilities are provided by an international banking syndicate consisting of Rabobank, ABN AMRO, ING, Commerzbank, and HSBC. Kempen & Co acted as financial advisor to Riwal.
Riwal’s new base credit facility, excluding the optional portion, represents an increase of 33% over its previous credit line. The facility has a four-year duration with the option to extend it for a fifth year. The additional financing will be used to support Riwal’s international growth strategy, including significant investments in its rental fleet, greenfield expansions, global projects, as well as bolt-on acquisitions.
Norty Turner, Riwal CEO commented, “We are pleased with the renewal of our credit facilities and the support of our current and new banking partners. The facilities will help us to pursue expansionary opportunities and reduce our average fleet age to even lower levels, supporting our vision to deliver the best customer experience and the highest levels of safety.”