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Stonebriar Closes $500MM Revolver Led by Bank of America

June 26, 2018, 08:00 AM
Filed Under: Lender Finance

Stonebriar Commercial Finance, an independent large-ticket commercial finance and leasing company and an operating subsidiary of Eldridge Industries, announced the closing of 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, N.A., Credit Suisse AG, and Goldman, Sachs & Co. Bank of America will act as Facility Agent. US Bank will serve as Back-up Servicer, Custodian and Securities Intermediary. Vedder Price P.C. represented Stonebriar.

Chapman and Cutler LLP represented the bank group. Dave B. Fate, President and CEO of Stonebriar, stated "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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