Spanish rental company Euroloc has negotiated a seven year, €240 million loan with Banesto and the Bank of Scotland that will refinance its existing debt and give it €120 million additional investment funds.
Euroloc said the loan has been structured to be flexible, allowing it to take into account the variations in the market and the growth of the company over the long term.
“This is the first financial arrangement of this type for an equipment rental company in Spain”, said Euroloc, “and means that Euroloc is operating like the other big rental companies in Europe who have similar financial structures.”
Meanwhile, the company has appointed Joaquin de Entrambasaguas as its new financial director. He has held a number of senior financial positions at companies including Grupo Telefonica and Atento, a European call-centre group.