At a Glance

• 38% of equipment financings above $25 million closed in the prior 24 months involved a corporate treasurer who was added to the discussion only after pricing had been agreed at the CFO level (Secured Research)
• Treasurers at middle market companies above $500M in revenue are increasingly the owners of bank-relationship strategy, covenant negotiation, and capital-structure allocation — and equipment finance providers are systematically failing to engage them
• Equipment financings introduced through treasury rather than through the CFO or controller renew at meaningfully higher rates and survive the company’s next refinancing event at materially lower friction
• The treasurer’s question is not what the rate is — it is how the equipment exposure fits inside the company’s existing covenant package, swap exposure, and committed-facility availability

The Phone Call Nobody Saw Coming