Noble Iron Inc. announced approved financing for the purchase of approximately $10 million U.S. of new rental fleet for its Southeast Texas equipment rental & dealership depot in Houston, Texas.
The company has secured approximately $7.2 million U.S of manufacturer financing, to be drawn over a number of tranches, to acquire approximately $8.0 million of Terex aerial work platforms and light construction equipment. This purchase will significantly expand Noble Iron Texas' existing rental fleet offering, comprised primarily of heavy equipment including wheel loaders, excavators, skid-steer loaders, and backhoe-loaders - much of which was acquired through the acquisition of certain assets of Bane Machinery Houston LP in July 2012. The terms of the Terex fleet financing involve a total initial down payment of approximately 10%, a 63-month term, and a current indicated interest rate of approximately 6.50%, based on a floating LIBOR.
