Stonebriar Closes $500MM Revolving Credit Facility Led by Bank of America
JUN 26, 2018 - 6:42 am
Stonebriar Commercial Finance closed a new $500 million revolving credit facility. The facility will provide Stonebriar with committed, multi-year funding for each of its four business platforms – General Equipment, Rail Leasing, Aviation Capital and Real Estate.
Stonebriar’s bank group includes Bank of America, Credit Suisse and Goldman Sachs. Bank of America will act as facility agent. US Bank will serve as back-up servicer, custodian and securities intermediary. Vedder Price represented Stonebriar. Chapman and Cutler represented the bank group.
Dave B. Fate, president and CEO of Stonebriar, said, “This new facility represents the continued evolution of Stonebriar with multiple sources of funding for our business. It will provide $500 million of committed, revolving financing to Stonebriar through 2020. We are pleased to be able to work with an outstanding group of banks on this important initiative. The facility represents a significant milestone for our company and shareholders as we continue to reduce our cost of funding with access to more diversified sources of capital that will enable Stonebriar to achieve its goals and objectives.”
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