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INDUSTRY TRANSACTIONS

Stonebriar Amends $1B Revolver with Bank of America

Stonebriar Commercial Finance extended and amended certain terms of its existing $1 billion revolving credit facility. Bank of America served as administrative agent for the transaction. Citizens Bank and Fifth Third Bank joined the lender group, while Credit Suisse, New York Branch, and Security Benefit Life remained key lenders on the facility.

Encina Provides $13MM Lease Line to Material Sciences Company

Encina Equipment Finance provided a $13 million equipment lease line to a material sciences company. The facility will be used to fund new equipment purchases.

Stonebriar Closes $10MM Lease for Oilfield Services Company

Stonebriar Commercial Finance closed a $10 million equipment lease with a privately held onshore oilfield services company which provides well stimulation services to exploration and production companies primarily in the Permian basin. The lease facility will allow for interim advances as the assets are being manufactured. The leased assets are new diesel powered quintuplex trailered frac pumps that will replace pumps the company currently operates via short-term rental.

CIT Arranges $60MM Financing for Partners Pharmacy

CIT Group’s Healthcare Finance unit served as sole lead arranger on a $60 million senior secured credit facility for Partners Pharmacy, a provider of pharmacy and infusion services to senior living facilities. The proceeds will be used to refinance an existing credit facility and to provide working capital.

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Stonebriar Closes $55MM Facility for Materials Manufacturer

Stonebriar Commercial Finance closed a $55 million equipment lease facility with a private equity owned manufacturer of ceramic fiber products and specialty microfiber materials which makes and markets engineered products serving a diverse customer base across broad global end markets. The lease facility will support the construction of a new manufacturing line as well as the monetization of an existing line via a sale-leaseback. 

Encina Provides $10MM Lease Line to Process Automation Company

Encina Equipment Finance provided a $10 million equipment lease line to a business process automation company. The facility will be used to fund new equipment purchases.

Wheeler Financial Secures Funding for Covenant Trucking

Wheeler Financial, a subsidiary of Pitney Bowes, closed a financing transaction with Covenant Trucking, a veteran and minority-owned full-service dump truck hauling and project management firm that works with large construction companies. The funding allowed Covenant to add a dump truck to its fleet.

CIT Arranges $60MM Financing for CRG

CIT Group served as sole lead arranger on a $60 million financing for Carolina Restaurant Group, an operator of 108 Wendy’s restaurant franchises across North Carolina and South Carolina. The company intends to use the financing to recapitalize, remodel existing franchise units and develop new restaurants.

DLL Funds First Project Under CA GoGreen Financing Program

The California Hub for Energy Efficiency Financing and its GoGreen Financing program confirmed the approval of its inaugural Small Business Financing project, with DLL providing the project financing for a private dairy farmer seeking to update lighting and install well pump variable frequency drives. This is the first project financed under the program since its limited launch earlier this year.

AILCO Supports Borgman Capital Buyout of Two Construction Companies

AILCO Equipment Finance Group provided financing to support Milwaukee-based private equity firm Borgman Capital’s acquisitions of Skinner & Cook and Virginia Tower Construction. Both companies specialize in cell tower construction.

Wheeler Financial Finances Equipment for Bryant’s Land and Development

Wheeler Financial, from Pitney Bowes, closed a financing transaction with engineering and construction firm Bryant’s Land and Development, a family-run firm that delivers construction and engineering projects throughout the Blue Ridge region in North Carolina. The company will use the capital to upgrade its equipment for improved productivity and accelerated growth.

Encina Provides $12MM Loan to Trucking Company

Encina Equipment Finance provided a $12 million secured equipment loan to a trucking company. The facility will be used to fund new equipment purchases.

CIT Northbridge Agents $100MM Revolver for Hornbeck Offshore Services

CIT Northbridge Credit, through its investment advisor CIT Asset Management, served as collateral and administrative agent and lead lender on a $100 million senior secured credit facility for Hornbeck Offshore Services, a provider of next generation offshore service vessels primarily in the Gulf of Mexico and Latin America.

TEQlease Finances $2.8MM Tech Refresh for Vancouver Public Schools

TEQlease Education Finance completed a district-wide, $2.8 million technology refresh for 8,000 new student Chromebook devices for Vancouver Public Schools in Vancouver, WA. The schools received board approval to make the investment to provide technology to optimize writing, communication and creativity. 

SQN Provides $3.4MM Equipment Lease to Oil Field Services Firm

SQN Capital Management, on behalf of one of its various investment funds, provided a $3.4 million equipment lease facility to a provider of oil field hydraulic jet pumping services in the U.S. The equipment, including state-of-art hydraulic, artificial lift pump systems, will provide an innovative solution for oilfield production. 

CIT Arranges $140MM Financing for Lotus Solar Farm

CIT Group’s Power and Energy business served as coordinating lead arranger for $140 million in debt financing to support construction of the Lotus Solar Farm, a 67-megawatt solar project in Madera, CA. Concurrent with financial close, the project was sold by 8minute Solar Energy to Allianz Global Investors.

Wheeler Financial Secures Two Transactions for Eagle Access

Wheeler Financial closed two financing transactions with Eagle Access, a construction services company which supplies specialized equipment for highway bridge construction and remedial work. Eagle plans to invest the capital in high-tech bridge work equipment, which will differentiate the company in the marketplace and allow it to go after larger contracts.

Capital One Closes Credit Facility for Nova Medical Centers

Capital One served as the sole lead arranger and administrative agent for a senior secured credit facility for Nova Medical Centers, an occupational medicine provider with 50 locations in Texas, Georgia, Tennessee and Indiana. The facility will enable the company to improve its cost of capital and provide flexibility for future growth. 

CWB Franchise Finance Supports ALT Hotels Refi

CWB Franchise Finance participated in a largescale facility to refinance seven ALT Hotels in Canada. CWB provided a portion of a larger loan to complete it. ALT Hotels is a division of Group Germain Hotels, with properties in Toronto, Halifax, Montreal, Quebec City, Ottawa, St John’s and Saskatoon. 

NXT Capital Supports Tenex Capital Acquisition of Big Bolt

NXT Capital provided a senior credit facility to support Tenex Capital Management’s acquisition of Big Bolt. NXT Capital acted as the joint lead arranger, sole bookrunner and administrative agent for this transaction.

Boston Financial & Equity Closes $500K Equipment Lease

Boston Financial & Equity closed a lease transaction for $500,000 for a spinoff of a major materials handling company which has developed a process to recover carbon black and other marketable liquid chemicals from discarded tires. The financed equipment is a liquid ring vacuum pump which is central to the company’s operations.

United Capital Secures Approval on $1MM Lease Line of Credit

United Capital Partners secured a $1 million equipment finance line for a high growth customer, a company in the advanced electronic materials and films sector. The client had historically been well supported and funded by equity investment. It was in the market to acquire equipment to support new contracts and growth. United Capital was able to secure a lease line to finance the company’s capital expenditure.

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Utica Provides $1.5MM in Financing to Three Companies

Utica Leaseco completed three transactions totaling more than $1.5 million, including a $340,000 capital lease for a chemical processing company, a $650,000 for a hemp processing company and a $550,000 capital lease for a current customer which operates within the agricultural sector.

Encina Provides $5MM Lease Line to Environmental Solutions Company

Encina Equipment Finance provided a $5 million equipment lease line to an environmental solutions company. The facility will be used to fund new and used equipment purchases.

Capital One Arranges Facility for Biotech Company

Capital One acted as joint lead arranger on a senior secured credit facility for STEMCELL Technologies, a Canada-based biotechnology and life science company. The financing consisted of a revolving line of credit and a senior term loan.

Government Leasing Provides $3.5MM for Office Equipment

Government Leasing completed $3.5 million in financing on two different transactions. It provided $1.5 million in financing for office equipment for the National Guard and completed $2 million in financing for office equipment for the U.S. Army.

NXT Capital Supports New Mountain Acquisition of Ontario Systems

NXT Capital closed a $220 million senior secured credit facility to support New Mountain Capital’s acquisition of Ontario Systems. NXT Capital acted as the joint lead arranger, joint bookrunner and administrative agent on the transaction.