Mazzotta Rentals, Inc. Secures $160 Million Credit Facility to Accelerate Growth and Continue Fleet Expansion
Rhea-AI Summary
Mazzotta Rentals (MRI) has secured a $160 million credit facility with M&T Bank (NYSE:MTB) as lead arranger, comprising a $120 million revolving line of credit and a $5 million term loan facility. The facility includes a $35 million accordion feature for future growth.
The company, which serves seven northeastern states in construction, industrial, and infrastructure sectors, will use the funding to refinance existing debt and support continued growth and expansion efforts. The credit facility, arranged with a consortium of financial institutions, reflects confidence in MRI's operational performance and growth strategy.
MRI plans to leverage this financing to expand its service offerings, make fleet investments, and strengthen its market position in response to increasing customer demand in general construction and infrastructure development.
Positive
- Secured substantial $160 million credit facility
- Additional $35 million accordion feature available for future growth
- Strong endorsement from financial institutions indicating business confidence
- Proven record of growth in construction and infrastructure sectors
Negative
- Taking on new debt to refinance existing obligations
News Market Reaction
On the day this news was published, MTB declined 0.68%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"We are thrilled to have the financial backing from M&T Bank to continue scaling our operations, expand our footprint, and meet increasing demand from our customers," said Thomas Caldaroni, Chief Administrative Officer of Mazzotta Rentals, Inc., "This credit facility is a strong endorsement of our performance and overall growth strategy, and it positions us to take advantage of new opportunities in key adjacent markets."
The credit facility, led by M&T Bank, along with a consortium of top-tier financial institutions, reflects strong confidence in MRI's leadership, operational performance, and future trajectory.
"This financing is an important step forward as we continue to execute on our long-term strategic plan," said Joseph Mazzotta, Chief Executive Officer "It provides us with the flexibility to make smart investments in our fleet and infrastructure while maintaining a healthy financial profile."
MRI has a proven record of strong growth, driven by increasing customer demand working in the general construction and infrastructure development. With this new funding, the company plans to expand its service offerings and strengthen its position as an industry leader in equipment rentals.
About Mazzotta Rentals, Inc.
Mazzotta Rentals is a premier equipment rental provider offering a wide range of construction, industrial, and specialty lift equipment. Known for its customer-first approach and reliable service, Mazzotta rentals, Inc. partners with contractors and businesses across the Northeast to support projects of all sizes.
Media Contact:
Erik Allison
Marketing & Brand Manager
Marketing@MazzottaRentals.Com
(860) 404-9319
MazzottaRentals.Com
View original content to download multimedia:https://www.prnewswire.com/news-releases/mazzotta-rentals-inc-secures-160-million-credit-facility-to-accelerate-growth-and-continue-fleet-expansion-302423438.html
SOURCE Mazzotta Rentals, Inc.
FAQ
What is the total value of Mazzotta Rentals' new credit facility with M&T Bank (MTB)?
How will Mazzotta Rentals use the MTB credit facility funding?
Which states does Mazzotta Rentals currently serve with their equipment rental services?
What sectors does Mazzotta Rentals primarily serve with their equipment rental solutions?
