Bank of America and Volvo Rents Complete US$475M Senior Secured Financing

BlueLine Rental, LCC, BlueLine Rental Finance Corporation and BlueLine Rental, Inc. and certain of their subsidiaries located in the U.S. and Canada (formerly the Volvo Rents entities, collectively the BlueLine Group) entered into a US$475-million asset-based revolving credit facility (5 year tenure). 

Bank of America, N.A., acted as Administrative and Collateral Agent for a lending syndicate of 10 international financial institutions.  The revolving facility was completed in connection with the acquisition by Platinum Equity of the BlueLine Group from the Volvo Group for US$1.1 billion.

Also in connection with the acquisition, Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as lead book-running manager in the Rule 144A offering of $760-million aggregate principal amount of 7 per cent Senior Secured Second Lien Notes due 2019 by BlueLine Rental Finance Corporation.

The BlueLine Group (formerly Volvo Rents) is a North American provider of small-to-medium sized rental equipment serving a diverse customer base across multiple industries, including construction, oil and gas, industrial manufacturing, infrastructure, power, and metals and minerals.

Bank of America, N.A. was represented in Canada by Norton Rose Fulbright Canada LLP with a team including Arnold Cohen, Serge Levy and Amanda Fortuna; and in the US by Cahill Gordon & Reindel LLP with a team led by James Clark, Stuart Downing, Jennifer Ezring, Kimberly Desmarais, David Barash, Lisa Collier, Thomas Felix III, Rachel Gray, Javier Ortiz, Rebecca Quan and Sean Tierney.

The BlueLine Group was represented in Canada by Stikeman Elliott LLP with a team including Howard Rosenoff, Marie Garneau and Courtney Wilson; and by Latham & Watkins LLP in the US.



Norton Rose Fulbright Canada LLP Cahill Gordon & Reindel LLP Stikeman Elliott LLP Latham & Watkins LLP