EquipmentShare completes $454M ABS under OWN program
Transaction marks EquipmentShare's 4th ABS
Equipment rental and technology provider EquipmentShare has completed a $454 million asset-backed securitization.
The transaction, which comes on the heels of EquipmentShare filing for an IPO, marks EquipmentShare’s fourth ABS under its OWN financing program, according to a company release today. As part of the deal, third-party investment vehicle OWN Equipment Fund III LLC purchased a pool of rental equipment from EquipmentShare.
Citigroup Global Markets served as structuring lead for the securitization, with MidOcean Partners leading the equity investment and managing the fund. Fifth Third Securities and SMBC Nikko Securities America acted as joint active bookrunners.
Under the OWN Program, third-party investors buy rental equipment from EquipmentShare and lease it back to the company, allowing it to maintain operation control of the assets, while investors receive a share of rental revenue. This capital-light model enables fleet expansion through ABS deals and other credit facilities.
Columbia, Miss.-based EquipmentShare operates 373 locations nationwide and reported $4.4 billion in trailing 12-month revenue as of Sept. 30.
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