Channel entered into a new $75 million credit facility with Truist. The $75 million commitment provides financing for both working capital and equipment finance originations.
“We are immeasurably pleased to have successfully closed a new credit facility with Truist,” Eli Sethre, CFO at Channel, said. “It is a clear demonstration of Channel’s continued business success, the strength of our portfolio and our ongoing relationship with Truist.”
“This new warehouse adds flexibility to our financing options and further allows us to accommodate both equipment finance and working capital within the same facility,” Mike McConnell, vice president of treasury and capital markets at Channel, said.
Truist has joined Regions Bank and CIBC as warehouse lenders to Channel. Truist Securities also led Channel’s first equipment finance securitization in 2022. Channel also completed two working capital securitizations in 2021 and 2022.
