MCGRATH RENTCORP (MGRC): debt financing — McGrath RentCorp issues $75M of 6.25% senior notes due 2030

MCGRATH RENTCORP

Issued $75M 6.25% Series F Senior Notes to Prudential Insurance Company, maturing Sept 27, 2030.
Notes are unsecured; interest payable semi-annually starting March 27, 2024.
Prepayment allowed in $5M increments with make-whole amount.
Covenants include max leverage ratio and min fixed charge coverage ratio.
Guaranteed by Mobile Modular Management, 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 1.0

MCGRATH RENTCORP incurred senior notes of $75 million aggregate principal amount with The Prudential Insurance Company of America at 6.25% per annum maturing September 27, 2030.

Instrument: senior notes
Principal: $75 million aggregate principal amount
Counterparty: The Prudential Insurance Company of America
Rate: 6.25% per annum
Maturity: September 27, 2030
Event: incurrence

Exact text from the filing

On September 27, 2023, McGrath RentCorp (the “ Company ”) issued and sold to The Prudential Insurance Company of America (the “ Purchaser ”) $75 million aggregate principal amount of its 6.25% Series F Senior Notes pursuant to the terms of the Second Amended and Restated Note Purchase and Private Shelf Agreement, dated June 8, 2023 (the “ Note Purchase Agreement ”), among the Company, certain of the Company’s subsidiaries, PGIM, Inc., and each other purchaser party thereto.

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Source: SEC EDGAR

accession 0000950170-23-050271

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