Gehl Company, a worldwide distributor and manufacturer of compact construction and agricultural equipment, announced March 20 that it has entered into an asset-backed securitization financing with JPMorgan Chase Bank, N.A. Under the revolving facility, Gehl may sell up to $300 million of installment sales finance contracts originated through its independent dealers who sell Gehl and Mustang-branded equipment. The JPMorgan facility replaces and refinances a $150 million program the company put in place in February 2005.
"The company is very pleased to have the new facility in place," said Chief Financial Officer Thomas M. Rettler. "With the new facility, we have doubled our financing capability, lowered our costs and improved the efficiency with which we can sell installment sales finance contracts originated by our dealers."