Senior secured describes a loan or bond that has first claim on a company’s assets and is backed by specific collateral, like a mortgage on property. For investors, that means they are paid before other creditors if the company struggles or is liquidated, reducing the chance of loss compared with unsecured or junior debt. Think of it as a front-of-the-line, collateral-backed claim that typically carries lower interest because of that added protection.
asset-basedfinancial
Asset-based describes a loan, financing arrangement, or valuation that is secured by tangible or financial assets—such as inventory, equipment, real estate, or receivables—rather than relying mainly on future profits or credit history. Investors care because asset-backed arrangements offer clearer downside protection (like a safety net you can sell if things go wrong) and influence risk, return and liquidity compared with agreements based on expected earnings alone.
revolving credit facilityfinancial
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
administrative agentfinancial
An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.
joint lead arrangersfinancial
Joint lead arrangers are the banks or financial institutions that organize a large loan provided by a group of lenders, acting like co-captains who design the deal, find other lenders, and set key terms. For investors, their involvement matters because their reputation, negotiating strength and risk appetite influence the cost, size, and protections of the financing, which can affect a company’s cash flow and credit risk.
joint book runnersfinancial
Joint book runners are the lead investment banks that share responsibility for organizing and offering when a company sells new securities. They gather investor orders, help set the offering price and decide who gets allocations — like co-conductors running a ticket sale to match seats with buyers and set the final price. Investors pay attention to joint book runners because their reputation, investor network and pricing decisions influence how well the deal sells and how the stock performs afterward.
Strategic financing further solidifies Company’s financial foundation, reduces costs, and provides flexibility to drive organic growth plans
COLUMBIA, Mo.--(BUSINESS WIRE)--
EquipmentShare, a leader in connected jobsite technology and one of the largest equipment rental providers in the United States, announced today that it closed an $2.75 billion asset-based senior secured credit facility (the “Facility”). Wells Fargo serves as administrative agent and lead lender for the Facility.
“EquipmentShare’s growth is powered by a disciplined capital structure and our market-leading, award-winning T3® technology platform,” said Jabbok Schlacks, co-founder and CEO of EquipmentShare. “This facility strengthens our financial foundation and provides the stability and flexibility we need to execute our long-term strategy, invest in our technology, and continue delivering industry-leading value to our customers.”
The facility extends maturity to 2030 and provides EquipmentShare with best-in-class pricing. Wells Fargo Bank, National Association, Citibank, N.A., Truist Bank, Citizens Bank N.A., Fifth Third Bank National Association and SMBC served as Joint Lead Arrangers and Joint Book Runners for the facility. Wells Fargo Bank, National Association, Citibank, N.A., Truist Bank and Citizens Bank, N.A., served as co-syndication agents. Fifth Third National Association, SMBC, Goldman Sachs, U.S. Bank, Regions Bank, TD Bank, N.A. and UBS AG, Stamford Branch served as co-documentation agents. The facility replaces the company's previous asset-based senior secured credit facility.
Kurt Marsden, head of Wells Fargo Capital Finance, shared, "Wells Fargo is pleased to support EquipmentShare and their continued growth with this new asset-based loan facility. We are proud to expand our strong relationship to help the company achieve their strategic goals."
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune’s 2025 rankings of America’s largest corporations.
About EquipmentShare
Founded in 2015 and headquartered in Columbia, Missouri, EquipmentShare is a nationwide construction technology and equipment solutions provider dedicated to transforming the construction industry through innovative tools, platforms and data-driven insights. By empowering contractors, builders and equipment owners with its proprietary technology, T3Ⓡ, EquipmentShare aims to drive productivity, efficiency and collaboration across the construction sector. With a comprehensive suite of solutions that includes a fleet management platform, telematics devices and a best-in-class equipment rental marketplace, EquipmentShare continues to lead the industry in building the future of construction. For more information, visit www.equipmentshare.com.
