Neff Rental, Inc. Obtains Final Approval of $175 Million in DIP Financing

MIAMI, July 1 /PRNewswire/ -- On June 30, 2010, Neff Rental, Inc. ("Neff"), a privately owned rental equipment company, and certain of its affiliates received final approval from the United States Bankruptcy Court for the Southern District of New York (the "Court") for the company's $175 million debtor-in-possession financing.  Neff's $175 million borrowing facility provides stability and ample liquidity to fund daily operations without interruption, including payments to vendors and to meet all customer and employee obligations, during Neff's restructuring.  Neff also received authority to secure $175 million in fully committed exit financing, providing Neff with a clear path to complete its restructuring and emerge from chapter 11 in the near term.

"We are pleased that the Court has approved our financing arrangements and look forward to emerging from chapter 11 in the coming months as a healthier company," said Graham Hood, Neff's chief executive officer.

Neff's restructuring is supported by, among others, certain creditors holding approximately 67% of the aggregate principal amount of Neff's first lien term loan, who have agreed to vote in favor of Neff's prearranged plan, exchange their first lien term loans for equity, and have committed to backstop a new equity investment of up to $119 million to recapitalize Neff's business and provide for future capital needs.  The Court is scheduled to consider whether to approve the disclosure statement for Neff's prearranged plan on July 12, 2010.

About Neff Rental, Inc.

Neff Rental, Inc. provides reliable and quality rental equipment to customers operating in the construction, industrial and governmental sectors.  With approximately 900 employees operating from branches coast to coast, Neff Rental, Inc. is ranked by Rental Equipment Register (RER) magazine as one of the nation's 20 largest equipment rental companies.  For more information, visit http://www.neffrental.com/home.aspx

SOURCE Neff Rental, Inc.

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