A plant equipment rental firm has announced its intention to refinance, in order to become the ‘leading supplier’ of plant solutions.
Hydrex Equipment (UK) Ltd, which provides wheeled loaders and excavators to waste transfer stations, metal and waste recycling and port handling facilities, has signed a refinancing agreement with its banking syndicate (led by Barclays and RBS) to support wider investment in its business.
The refinance will include a debt-for-equity swap by the banks, which will reduce the senior lenders’ net debt position to £50 million and an injection of new facilities totalling £8 million.
Hydrex chief executive Carl D’Ammassa said: “Our strategic objective is to become the leading supplier of plant solutions to the rail and materials handling industries and this partnership with Barclays, RBS and the other banking syndicate members will give us access to business expertise and funding to help us achieve this.”
Founded in 1985, Hydrex has 11 UK depots, with 12000 machine assets and 1000 staff.