Ahern Rentals Pays Off Intercompany Loan, Eyes Refinancing Deal

Ahern Rentals Inc., the family-owned company that has drawn creditor ire for payments it made to itself under financial strain, recently told investors that it paid off one of the controversial intercompany loans.

The construction equipment renter had around $23 million outstanding on the loan that’s set to mature in March, according to people with knowledge of the matter who asked not to be identified because the matter is confidential.

It also has $550 million of 7.375% notes due 2023 outstanding, Bloomberg-compiled data show, and an asset-based facility will become current in mid-February.

Management said it’s looking tap the ...