People’s United Bank announced its Commercial Banking division closed on an amendment and extension of an existing $135 million syndicated credit facility for NFS Leasing, a Boston-based independent equipment leasing company specializing in leasing technology, scientific and medical equipment, as well as robotic, agricultural and construction equipment.
The amendment extends the maturity to December 31, 2022, with an option to extend through 2024. NFS, who has been a customer of People’s United since 2007, will use the facility to support the company’s capital needs.
People’s United has grown the relationship since 2007, adding four additional participants, and most recently, upsizing the Facility from $95 million to $135 million in 2016 to support NFS’s growth in the medical and scientific lease finance segment.
“We are excited to strengthen our more than 10-year relationship with NFS Leasing, Inc., and continue to provide them with tailored lending solutions to meet their evolving business needs,” said John Doucette, SVP Commercial Lending. “It is through long-term relationships with partners like NFS, we are able to serve as an advisor, understanding the unique attributes of the industries our clients operate in to provide guidance over the long-term.”
Founded by its President Cliff Rucker in 2001, NFS Leasing is an independent equipment leasing company, serving growth oriented companies in a variety of industries. NFS has generated more than $1 billion in lease originations since inception through fast, flexible leasing solutions tailored to each individual business.
“As the needs of our business and that of our clients evolve, People’s United has been a steadfast business partner with a proven ability to be nimble in their approach, providing flexible capital solutions, adapting to our ever-changing needs,” said Mark Blaisdell, CFO, NFS Leasing.
People’s United’s Commercial Banking team is comprised of experienced in-market financing specialists across the bank’s Northeast footprint whose focus is on local relationship development and origination. The Boston based middle market team, led by Senior Vice President Hank Petrillo, collaborated with the People’s United Loan Syndications division to complete the NFS transaction. People’s United Loan Syndications provides financing solutions through the underwriting and approval of credit facilities of $50 million and greater for acquisitions, working capital needs or debt restructuring.
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