Edgestone Capital obtains credit facilities to acquire Stephenson’s Rental Services Income Fund
Date Closed
July 18, 2007
Lead Office
Toronto
Value
115.00 Million USD
On July 18, 2007, a fund managed by Edgestone Capital Partners completed its acquisition of Stephenson’s Rental Services Income Fund. In connection with the offer, Edgestone obtained senior and subordinated credit facilities from syndicates of lenders led by Canadian Imperial Bank of Commerce. The credit facilities consisted of senior credit facilities in the amount of $95,000,000 and subordinate credit facilities in the amount of $20,000,000. Canadian Imperial Bank of Commerce was the agent for a syndicate of lenders in connection with both the senior and subordinate credit facilities. This transaction was initiated to maximize unitholder value and provided the capital to support long-term growth opportunities in equipment rental in Canada.
McCarthy Tétrault advised CIBC with a team that was led by Joel Scoler, and included Ana Badour, Justin Lapedus, and John Park.