General Finance Corporation (NASDAQ:GFN) Files An 8-K Entry into a Material Definitive Agreement

On February 14, 2020, 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”), Bank of the West (“BOTW” and collectively with Wells Fargo, East West, CIT, CIBC, Key Bank, BHI and Associated, 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. 9 (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 $260,000,000 to $285,000,000 and retaining 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.

The Amendment amended the Credit Agreement to specify the future conditions under which the Credit Agreement’s current LIBOR-based interest rate could be replaced in the future with an alternate benchmark interest rate.

The Amendment also amended the Credit Agreement to specify the conditions that would need to be met if GFN were to borrow funds under the Credit Agreement to facilitate the refinancing or repayment of GFN’s 8.125% Senior Notes due 2021 or to facilitate the repayment of all or a portion of 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock.

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 Financial Statements and Exhibits

General Finance CORP Exhibit
EX-10.1 2 exh_101.htm MATERIAL CONTRACTS Blueprint    EXHIBIT 10.1 AMENDMENT NO. 9   TO AMENDED AND RESTATED CREDIT AGREEMENT   This Amendment No. 9 to Amended and Restated Credit Agreement is dated as of February 14,…
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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.