Stonebriar Commercial Finance (Stonebriar), a leading independent large-ticket commercial finance company, announced today that it has extended and amended certain terms of its existing $1.0billion revolving credit facility (Facility).
Bank of America, N.A. serves as Agent on the Facility. Stonebriar also added Citizens Bank N.A. and Fifth Third Bank to its lender group. Both Credit Suisse AG, New York Branch, and Security Benefit Life also remain key lenders to Stonebriar, as they have since the Facility originally closed in June 2018.
The Facility provides funding for Stonebriar’s portfolio of commercial equipment loans and leases across a variety of asset classes including rail, aviation, marine transportation, energy, real estate, and manufacturing. With this extension, the Facility now provides Stonebriar committed bank funding capacity through July 2023.
Dave B. Fate, President and CEO of Stonebriar, stated “Bank of America continues to demonstrate leadership as a valued, strategic funding partner to Stonebriar. The Facility remains a valued source of funding for our company. In addition to extending the term of the Facility, the amendment reduces Stonebriar’s funding costs and unlocks additional funding capacity within our existing portfolio. We appreciate Bank of America’s leadership, value the continued involvement of Credit Suisse and Security Benefit Life, and are glad to welcome both Citizens Bank and Fifth Third Bank to our lender group. We look forward to continued success with each member of our lending group.”
Vedder Price advised Stonebriar on the restructuring of the Facility. Chapman and Cutler advised Bank of America and the lender group.