Encina Equipment Finance closed two financing facilities totaling $755 million. Of the total, $605 million relates to an amendment and extension of an existing bank facility, while the other $150 million relates to a new facility.

Encina’s existing bank facility was amended to provide the company with a committed capacity of $405 million and a $200 million accordion. The term of the facility also was extended by the addition of a new three-year revolving period to be followed by an amortization period. In addition, the facility’s eligibility criteria were expanded in order to accommodate the full range of Encina’s product offerings.

Encina’s new facility is a private securitization agented by Sun Life Capital Management. The securitization facility provides for full term financing of discrete, amortizing pools of equipment loans and leases originated by Encina. The securitization program was initially established as a $150 million program, but Encina and SLC Management may agree to add new capacity to the program from time to time in the future.

“We are delighted to have closed on these two financing vehicles,” Willie Brasser, CEO of Encina Equipment Finance, said. “Our updated bank facility now meets our capacity needs, allows us to fund a broader range of originations, and provides us with a strong and diversified group of lenders. We are also very excited to have closed EEF’s inaugural securitization with SLC Management. They are a pleasure to do business with, and their knowledge and experience in equipment finance clearly shows. We look forward to working with both our existing bank lenders and SLC Management as we continue to grow EEF’s balance sheet.”

“This is a significant facility as SLC Management continues to expand its securitization relationships in the U.S. Encina’s prudence in originating and managing their business aligns with SLC Management’s own approach. We are pleased to close this facility with the experienced and reputed team at Encina and look forward to growing the relationship,” Jeffery Mayer, managing director of private securitization finance at Sun Life Capital Management, said.

Launched in June 2017, Encina Equipment Finance provides loans and leases ranging in size from $5 million to $50 million secured by essential-use machinery and equipment.

Sun Life Capital Management is a global institutional asset manager that offers institutional investors traditional, alternative and yield-orientated investment solutions across public and private fixed income markets, as well as global real estate equity and debt.