Pawnee Leasing Receives New Facility from Sun Life

Sun Life Assurance Company of Canada closed a new funding facility with Chesswood Group’s subsidiary Pawnee Leasing.

The new facility will finance Pawnee’s prime originations and provides additional annual funding for Pawnee of up to $80 million, with a cost of funds that are fixed at the time of each tranche.

Sun Life has been providing financing to Chesswood’s Canadian finance business, Blue Chip Leasing, for many years and this new program for Pawnee is a further extension of this long-standing relationship.

Sun Life has been a leader in providing equipment finance facilities to many Canadian finance companies for more than 25 years while gradually expanding their U.S. portfolio. Sun Life is one of the largest insurance and asset management companies in the world.

“This additional capacity for Pawnee broadens our treasury resources, expands our capacity and improves Pawnee’s over-all cost-of-funds in addition to locking in a fixed rate at the time of funding” said Barry Shafran, Chesswood president and CEO. “We are very pleased to be expanding our relationship with Sun Life while enhancing Pawnee’s financial resources and expanding its banking relationships.”

Through three wholly owned subsidiaries in the U.S. and Canada, Chesswood Group is North America’s only publicly traded commercial equipment finance company focused on small and medium-sized businesses.

Founded in 1982 and based in Colorado, Pawnee Leasing finances a highly diversified portfolio of commercial equipment leases and loans through relationships with more than 600 independent brokers in the U.S.

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