Stonebriar Commercial Finance closed a new $200 million, three-year committed unsecured revolving credit facility.
The revolving credit facility will supplement Stonebriar’s existing $1 billion non-recourse warehouse facility and be used to fund continued origination growth. RBC Capital Markets is the administrative agent, joint lead arranger and joint bookrunning manager for the facility. Fifth Third Bank is a joint lead arranger and joint bookrunning manager. Bank of America, BNP Paribas, Citizens Bank and MUFG Union Bank are also lenders for the facility.
“The RCF represents the next strategic step in the evolution of Stonebriar’s funding capabilities as we look to continue to diversify our funding sources and unencumber the company’s balance sheet,” Dave B. Fate, CEO of Stonebriar Commercial Finance, said. “We are fortunate to have such a strong, committed ‘core’ lender group and are pleased to welcome several new lenders to the Stonebriar relationship. The team at RBC, led by Erwin Van Der Voort, did an outstanding job structuring and agenting the facility. We look forward to the continued partnership between the two firms.”
Clifford Chance represented Stonebriar on the facility. White & Case represented the lender group.
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