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IronPlanet Closes New $55MM Debt Financing

September 18, 2015, 07:06 AM
Filed Under: Auction News
Related: Auction, IronPlanet

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.

“We have built the leading online marketplace for used heavy equipment and trucks and continue to augment our leadership position with asset management solutions for large and small businesses alike by leveraging our 1.4 million registered users worldwide and the demand generated by this global reach,” continued Owens.

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.

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