MCGRATH RENTCORP (MGRC): debt financing — McGrath RentCorp enters $300M note purchase agreement, amends existing $100M notes

MCGRATH RENTCORP

New Second Amended and Restated Note Purchase Agreement with PGIM, Inc. for up to $300M in Shelf Notes.
Amends $40M 2.57% Series D Senior Notes due 2028 and $60M 2.35% Series E Senior Notes due 2026.
Shelf Notes may be issued up to $300M aggregate (less outstanding notes), maturing up to 15 years from issuance.
Covenants include maximum leverage ratio and minimum fixed charge coverage ratio; customary events of default.
Three U.S. subsidiaries guarantee obligations: Mobile Modular, Enviroplex, and Vesta Housing Solutions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MCGRATH RENTCORP amended senior notes of $40.0 million aggregate principal amount of its 2.57% Series D Senior Notes due March 17, 2028, and (ii) $60.0 million a with PGIM, Inc. at 2.57% and 2.35% maturing March 17, 2028 and June 16, 2026.

Instrument: senior notes
Principal: $40.0 million aggregate principal amount of its 2.57% Series D Senior Notes due March 17, 2028, and (ii) $60.0 million a
Counterparty: PGIM, Inc.
Rate: 2.57% and 2.35%
Maturity: March 17, 2028 and June 16, 2026
Event: amendment

Exact text from the filing

On June 8, 2023, McGrath RentCorp (the “Company”) entered into a Second Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. and the holders of Series D and Series E Notes previously issued pursuant to that certain Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (as amended, the “Prior NPA”), among the Company and the other parties to the Amended and Restated Note Purchase Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MCGRATH RENTCORP amended Second Amended and Restated Note Purchase and Private Shelf Agreement with PGIM, Inc. and the holders of Series D and Series E Notes (effective 2023-06-08).

Action: amendment
Agreement: notes offering
Counterparty: PGIM, Inc. and the holders of Series D and Series E Notes
Effective: 2023-06-08

Exact text from the filing

On June 8, 2023, McGrath RentCorp (the “Company”) entered into a Second Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. and the holders of Series D and Series E Notes previously issued pursuant to that certain Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (as amended, the “Prior NPA”), among the Company and the other parties to the Amended and Restated Note Purchase Agreement.

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Source: SEC EDGAR

accession 0000950123-23-005703

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