North Mill Completes Q4 Capital Market Transactions, Increases Credit Availability to $205MM
DEC 28, 2020 - 6:14 am
North Mill Equipment Finance closed on two fourth quarter capital market transactions. The company increased the size of its senior loan facility with Deutsche Bank to $125 million to support 2020 originations. Additionally, North Mill closed a new $50 million senior loan facility with Truist Bank in December. The new loan facility increased North Mill’s total credit availability to $205 million.
“We are pleased that the Deutsche Bank team expressed its confidence in North Mill by increasing the size of its commitment,” Mark Bonanno, COO of North Mill Equipment Finance, said. “The team at North Mill is excited to add a lender with the depth of experience and banking capabilities that Truist brings to the company’s debt stack. These transactions enable North Mill to expand its equipment lending activities and to continue providing third party referral sources and end-users with superior service.”
“Our ability to service our bank portfolios through the pandemic and through market cycles provides our lending partners with the confidence to initiate and grow their commitment levels with us,” Pier Snider, CFO of North Mill Equipment Finance, said. “Both our senior secured notes as well as our receivable back securitized term notes issued in 2019 had their credit ratings reaffirmed in Q4.”
Headquartered in Norwalk, CT, North Mill Equipment Finance originates and services small ticket equipment leases and loans ranging from $15,000 to $300,000 in value.
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