Commercial finance and leasing company Stonebriar Commercial Finance closed a new $81.6 million term loan consisting of two tranches of 364-day committed funding for a portion of Stonebriar’s railcar portfolio.
DVB Bank acted as arranger for the transaction, and lenders included the Land Transport Division of DVB as well as Mutual of Omaha Life Insurance.
Dave B. Fate, president and CEO of Stonebriar, stated, “This new facility represents the continued evolution of Stonebriar’s funding sources. It provides Stonebriar with financing that truly reflects the inherent collateral value within our Rail business platform at a competitive cost of funds. We are pleased to have been able to work with DVB and the lender group and hope to continue grow the relationship. The facility provides Stonebriar a unique opportunity to 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.”
Vedder Price P.C. represented DVB and the lenders on the facility. Chapman and Cutler represented Stonebriar.
Based in Plano, TX, Stonebriar is a provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. It is a portfolio company of private investment firm Eldridge Industries.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!