September 24, 2016 5:58 PM ET

Trading Companies and Distributors

Company Overview of Neff Holdings LLC

Company Overview

Neff Holdings LLC is a holding company operating through its subsidiaries Neff LLC, Neff Rental LLC, and and Neff Rental Finance Corp. The company’s subsidiaries lease and rent construction and industrial equipment. Neff Holdings LLC was founded in 2014 and is based in Miami, Florida.

3750 NW 87th Avenue

Suite 400

Miami, FL 33178

United States

Founded in 2014

Phone:

305-513-3350

Fax:

305-513-4155

Key Executives for Neff Holdings LLC

President, Chief Executive Officer, Director, and Member of Restructuring Advisory Committee
Age: 60
Chief Financial Officer, Vice President, and Secretary
Age: 50
Compensation as of Fiscal Year 2016.

Neff Holdings LLC Key Developments

Neff Holdings LLC, Neff LLC and Neff Rental LLC Amend and Restate Senior Secured Revolving Credit Facility

On February 25, 2016, Neff Holdings LLC, Neff LLC and Neff Rental LLC amended and restated their senior secured revolving credit facility. Among other things, the Amended and Restated Revolving Credit Facility effected the following changes to the Credit Parties' previously existing senior secured revolving credit facility: Increased the total maximum borrowing capacity from $425.0 million to $475.0 million; Extended the maturity date from November 20, 2018 to February 25, 2021; Increased the amount by which Neff LLC can request incremental revolving loan commitments under the Amended and Restated Revolving Credit Facility from $25.0 million to $100.0 million, provided that the amount set forth in clause of the definition of Maximum First Lien Indebtedness under the intercreditor agreement between the Amended and Restated Revolving Credit Facility and the Credit Parties' second lien credit facility shall be no less than an amount that is 10% greater than the revolving loan commitments under the Amended and Restated Revolving Credit Facility after giving effect to any such incremental revolving loan commitments; Modified the excess availability requirements relating to cash dominion to provide that cash dominion will occur if excess availability is, for two consecutive business days, less than the lesser of 10% of the aggregate revolving loan commitments under the Amended and Restated Revolving Credit Facility and 10% of the borrowing base; Modified certain baskets, thresholds and ratios in certain covenants to provide the Credit Parties with greater rights to incur indebtedness and liens, to make acquisitions and restricted payments, and to prepay or redeem second lien loans and other indebtedness; Modified the consolidated total leverage ratio financial covenant to provide that such covenant will not be triggered unless excess availability is less than the greater of (x) the lesser of 10% of the revolving loan commitments under the Amended and Restated Revolving Credit Facility and 10% of the borrowing base and (y) $35.0 million, and include the following maximum consolidated total leverage ratios for the following periods: 5:0:1.0 for each fiscal quarter ended during the period from February 25, 2016 through and including December 31, 2016, 4.75:1.0 for each fiscal quarter ended during the period from January 1, 2017 through and including December 31, 2017, and 4.5:1.0 for each fiscal quarter ended during the period from January 1, 2018 and thereafter; Eliminated the requirement that Neff LLC deliver a third appraisal to the administrative agent if excess availability is less than 20% of the aggregate revolving loan commitments, provided that, if requested by the administrative agent, Neff LLC shall deliver a third appraisal at the administrative agent's cost and expense; Modified the applicable margins for revolving credit advances and letter of credit obligations as follows: if average availability is less than $125.0 million, the applicable margin for base rate loans is 1.0% and the applicable margin for each of LIBOR rate loans and letter of credit obligations is 2.0%, if average availability is equal to or greater than $125.0 million but less than $225.0 million, the applicable margin for base rate loans is 1.0% and the applicable margin for each of LIBOR rate loans and letter of credit obligations is 1.75%, and if average availability is equal to or greater than $225.0 million, the applicable margin for base rate loans is 1.0% and the applicable margin for each of LIBOR rate loans and letter of credit obligations is 1.50%; and Modified the applicable margin for the unused line fee to provide that if the utilized amount is greater than or equal to 50%, then the applicable margin is 0.25%, and if the utilized amount is less than 50%, then the applicable margin is 0.375%.

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Recent Private Companies Transactions

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No transactions available in the past 12 months.
 

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