represent attractive acquisition candidates. We intend to continue to evaluate and pursue, on an opportunistic basis, acquisitions, which meet our selection criteria, including favorable financing terms, with the objective of increasing our revenues, improving our profitability, entering additional attractive markets and strengthening our competitive position. We are focused on identifying and acquiring rental companies to complement our existing business, broaden our geographic footprint, and increase our density in existing markets.
Grow Our Parts and Services Operations. Our strong parts and services operations are keystones of our integrated equipment services platform and together provide us with a relatively stable high-margin revenue source. Our parts and services operations help us develop strong, ongoing customer relationships, attract new customers and maintain a high quality rental fleet. We intend to further grow this product support side of our business and further penetrate our customer base.
Enter Carefully Selected New Markets. We intend to continue our strategy of selectively expanding our network to solidify our presence in attractive and contiguous regions where we operate. We look to add new locations in those markets that offer attractive growth opportunities, high or increasing levels of demand for construction and heavy equipment, and contiguity to our existing markets. Fourteen of our current 80 locations have opened since January 1, 2014.
Recent Developments
Offering of Existing Notes. On August 24, 2017, we completed an offering of the Existing Notes and the settlement of a cash tender offer (the “Tender Offer”) with respect to our previously outstanding 7% senior notes due 2022 (the “Old Notes”). The Existing Notes and related guarantees were offered in a private placement solely to qualified institutional buyers in reliance on Rule 144A under the Securities Act, or outside the U.S. to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Existing Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements thereunder.
Net proceeds, after deducting $10.3 million of estimated offering expenses, from the sale of the Existing Notes totaled approximately $739.7 million. We used a portion of the net proceeds from the sale of the Existing Notes to repurchase $329.7 million of its $630 million aggregate principal amount of the Old Notes in early settlement of the Tender Offer and used a portion of the remaining net proceeds to redeem the remaining outstanding Old Notes thereafter.
See “Description of Existing Indebtedness” for further information.
Credit Facility Amendments. On August 17, 2017, we amended our $602.5 million senior secured credit facility (the “Credit Facility”) with Wells Fargo Capital Finance, LLC (“Wells Fargo”), as agent to, among other things, permit the offer, issuance and sale of the Existing Notes and application of the proceeds thereof to, among other things, repurchase or otherwise redeem the Old Notes. On November 10, 2017, we further amended the Credit Facility to permit the offer, issuance and sale of the New Notes.
On November 20, 2017, we announced that we intend to amend, extend, increase and restate our Credit Facility in an amount up to $750 million (the “Amended Credit Facility”). The Amended Credit Facility is expected to mature five years after the date on which the definitive documentation (the “Amendment”) with respect to the Amended Credit Facility is entered into. The Amended Credit Facility is expected to contain customary negative and affirmative covenants and representations and warranties similar to the existing Credit Facility, and the effectiveness of the Amended Credit Facility is subject to customary conditions, including, without limitation, execution and delivery of the Amendment. There can be no assurances that we will complete the Amendment or as to the terms thereof.