US corporate team closes US$1.25bn floor plan and working capital financing transactions for Rush Enterprises

A team of lawyers from our San Antonio, New York and Dallas offices recently closed on a pair of financing transactions for longtime client Rush Enterprises, Inc. (RUSHA)—a refinancing of a US$1 billion "floor plan" credit facility with BMO Harris Bank, N.A. and a new US$250 million working capital facility with Wells Fargo Bank, National Association.

The proceeds of the refinancing with BMO Harris Bank, N.A. will continue to be used primarily to finance the Company's purchase of new and used vehicle inventory for sale by the Company with the proceeds from Wells Fargo Bank, National Association used primarily for working capital and general corporate purposes.

Rush operates the largest network of commercial vehicle dealerships in North America, with more than 100 dealership locations in 22 states. These vehicle centers represent manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. Rush offers an integrated approach to meeting customer needs—from sales of new and used vehicles to aftermarket parts, service and collision center operations plus financing, insurance, leasing and rental.