General Finance Corporation (NASDAQ:GFN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry Into a Material Definitive Agreement
1
Item 1.01
Termination of a Material Definitive Agreement
1
Item 1.01
Financial Statements and Exhibits
1
Exhibit 10.1
Amendment No. 8 to Amended and Restated Credit Agreement dated as of December 24, 2018 among Wells Fargo Bank, National Association (“Wells Fargo”), East West Bank (“East West”), CIT Bank, N.A. (“CIT”), CIBC Bank USA (“CIBC”), Key Bank, National Association (“Key Bank”), Bank Hapoalim, B.M. (“BHI”), Associated Bank (“Associated” and collectively with Wells Fargo, East West, CIT, CIBC, Key Bank and BHI, the “Lenders”), Pac-Van, Inc., Lone Star Tank Rental Inc.,GFNRealty Company,LLC and Southern Frac,LLC and the Guarantor Acknowledgement dated December 24, 2018 by PVAcquisitionCorp. and GFNManufacturing Corporation
Item 1.01 Entry Into A Material Definitive Agreement
On December 24, 2018, Wells Fargo Bank, National Association (“Wells Fargo”), East West Bank (“East West”), CIT Bank, N.A. (“CIT”), CIBC Bank USA (“CIBC”), Key Bank, National Association (“Key Bank”), Bank Hapoalim, B.M. (“BHI”), Associated Bank (“Associated” and collectively with Wells Fargo, East West, CIT, CIBC, Key Bank and BHI, the “Lenders”), Pac-Van, Inc. (“Pac-Van”), Lone Star Tank Rental Inc. (“Lone Star”),GFNRealty Company,LLC (“GFNRC”) and Southern Frac,LLC (“Southern Frac” and collectively with Pac-Van, Lone Star and GFNRC, the “Borrowers”) entered into that certain Amendment No. 8 (the “Amendment”) to the Amended and Restated Credit Agreement dated April 7, 2014 (as amended to date, the “Credit Agreement”).
The Amendment amended the terms and conditions of the Credit Agreement relating to the senior credit facility (the “Credit Facility”) of the Borrowers. The Amendment amended certain terms of the Credit Agreement, including, without limitation, adjusting the maximum commitments of the Lenders under the Credit Agreement, increasing the maximum amount that may be borrowed by the Borrowers under the Credit Agreement from $237,000,000 to $260,000,000, adding an accordion feature that may be exercised by Borrowers, subject to the terms in the Credit Agreement, to increase the maximum amount that may be borrowed under the Credit Agreement by an additional $25,000,000 and deleting certain terms of the Credit Agreement that related to the $19.5 million “First-In, Last-Out” Loan which bore interest at LIBOR plus a margin of 11% per annum (the “FILO Loan”) following the prepayment in full of the FILO Loan in connection with the execution and delivery of the Amendment.
The foregoing description of the Amendment is qualified in its entirety by the Amendment, which is attached hereto as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 1.01 Termination of a Material Definitive Agreement
In connection with the execution and delivery of the Amendment and the prepayment in full of the FILO Loan, the Lenders, GACP I, L.P. (“GACP”) and the Borrowers terminated all intercreditor provisions of the Credit Agreement entered into on March 24, 2017 which related to the FILO Loan, including, without limitation, the remedies of GACP upon a default of the FILO Loan, purchase options relating to the FILO Loan and other terms.
Item 1.01 Financial Statements and Exhibits
|
Exhibit |
Exhibit Description |
|
10.1 |
Amendment No. 8 to Amended and Restated Credit Agreement dated as of December 24, 2018 among Wells Fargo Bank, National Association (“Wells Fargo”), East West Bank (“East West”), CIT Bank, N.A. (“CIT”), CIBC Bank USA (“CIBC”), Key Bank, National Association (“Key Bank”), Bank Hapoalim, B.M. (“BHI”), Associated Bank (“Associated” and collectively with Wells Fargo, East West, CIT, CIBC, Key Bank and BHI, the “Lenders”), Pac-Van, Inc., Lone Star Tank Rental Inc.,GFNRealty Company,LLC and Southern Frac,LLC and the Guarantor Acknowledgement dated December 24, 2018 by PVAcquisitionCorp. and GFNManufacturing Corporation |
General Finance CORP Exhibit
…
To view the full exhibit click here
About General Finance Corporation (NASDAQ:GFN)
General Finance Corporation is a specialty rental services company. The Company offers a range of portable storage units, including its core 20-feet and 40-feet steel containers, office container, mobile office and modular space products and steel tanks. It has two geographic areas that include its four operating segments: the Asia-Pacific area, consisting of the leasing operations of Royal Wolf Holdings Limited and its Australian and New Zealand subsidiaries (Royal Wolf), and North America, consisting of the combined leasing operations of Pac-Van, Inc. and its Canadian subsidiary, PV Acquisition Corp. (Pac-Van) and Lone Star Tank Rental Inc. (Lone Star), and the manufacturing operations of GFN Manufacturing Corporation and its subsidiary, Southern Frac, LLC (Southern Frac). As of June 30, 2016, the Company provided its storage solutions to over 41,000 customers across a range of industries, including commercial, construction, retail, transportation, education and others.
