Stonebriar Commercial Finance Canada closed a $35 million equipment lease facility with a joint venture majority owned by an investment grade strategic industrial and a natural resources-focused private equity group.

The joint venture operates one of the highest-grade iron ore mines in the world.

The leased assets consist of new power generation equipment and locomotives. The facility will provide interim funds as the assets are manufactured and delivered into service, ultimately converting to term leases.

Kyle Parks, Stonebriar’s head of direct originations, stated, “While this client is very much in the early stages of its projected steady state commercial operations, the quality and long-term viability of its products, infrastructure, end markets, management and sponsorship are undeniable.”

Jonathan Katz, managing director of Stonebriar Commercial Finance Canada, added, “We take great comfort in the substantive capital invested in this project, the industry expertise resident in management and ownership, the essentiality of the leased assets to mine operations, and the time-tested diversity and stability of the client’s customer base.”