Tiger Rental Group, LLC has refinanced its $160 million credit facilities, consisting of a $100 million senior first lien term loan with Orion Energy Partners, L.P. and a $60 million working capital revolving credit facility with JPMorgan Chase Bank, N.A.
The refinancing provides significantly improved pricing and terms that reflect the Company’s strong financial performance and current market conditions, the company said.
“Tiger Rentals is pleased to continue our partnerships with Orion Energy and J.P. Morgan,” said Casey Crenshaw, Chairman of Tiger Rentals and President of The Modern Group. “Tiger remains optimally positioned to service our customers and grow the business in any energy market environment. We will continue to actively pursue attractive growth opportunities for our onshore and offshore business both domestically and internationally.”
Tiger Rentals provides equipment rental and safety services to the energy industry. The company serves a diversified customer base including refiners and petrochemical companies, major diversified energy companies, energy services companies and general industrial companies. Tiger Rentals is a wholly owned subsidiary of The Modern Group, Ltd.
“Tiger has helped its customers ‘Make It Happen’ for nearly 25 years,” said Colby Crenshaw, President of Tiger Rentals. “And today we remain completely focused on providing our customers with best-in-class rental equipment and services for their mission critical industrial applications.”
“Orion Energy is thrilled to renew its partnership with Tiger Rentals. This transaction will allow Tiger to take advantage of a variety of opportunities to continue to expand the business. We look forward to partnering with Tiger on future growth opportunities.” said Rob Rusk, Co-Founder and Partner at Orion Energy.
Simmons & Company International, Energy Specialists of Piper Jaffray, served as the sole debt placement agent on the transaction. Kirkland & Ellis LLP acted as legal advisor to Tiger Rental. Latham & Watkins LLP acted as legal advisor to Orion Energy. Locke Lord LLP acted as legal advisor to J.P. Morgan.