PLEASANTON, Calif. (September 17, 2015) – IronPlanet announced that it has closed a new $55 million senior secured credit facility. The new facility repays a prior senior secured loan and provides additional capital for growth.
“IronPlanet is continuing to build on the momentum we’ve gathered over the last year and this new financing will help fund our future growth,” said Gregory J. Owens, IronPlanet chairman and CEO. “Since last September, we’ve entered two new verticals, oil and gas, with the purchase of Kruse Energy and Equipment Auctioneers, and government surplus, which we launched as GovPlanet. In April, we merged with Cat Auction Services which strengthened our relationship with Caterpillar and their dealers globally and added an onsite component to our sales channels.
The new credit facility has a five year maturity. SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as Lead Arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase Bank, N.A., Regions Bank and Silicon Valley Bank.
Orrick, Herrington & Sutcliffe LLP represented IronPlanet and Jones Day represented SunTrust in the transaction.
For more information, visit Iron Planet.
