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Stonebriar Closes $81.6MM Multi-Tranche Term Loan Led by DVB Bank

January 22, 2019, 07:50 AM
Filed Under: Lender Finance

Stonebriar Commercial Finance (Stonebriar), an independent large-ticket commercial finance and leasing company and an operating subsidiary of Eldridge Industries, announced the closing of a new $81.6 million term loan led by the Land Transport Division of DVB Bank SE.

The Facility provides Stonebriar with two tranches of 364-day committed funding for a portion of Stonebriar’s railcar portfolio. DVB Bank SE (DVB) acted as arranger for the facility, and lenders include the Land Transport Division of DVB and Mutual of Omaha Life Insurance Company. Vedder Price P.C. represented DVB and the lenders in the Facility. Chapman and Cutler LLP represented Stonebriar. 

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.”  

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