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Deutsche Bank, Truist Provide Growth Capital to North Mill Equipment Finance

December 28, 2020, 09:25 AM
Filed Under: Equipment News

North Mill Equipment Finance LLC, an independent commercial equipment lessor located in Norwalk, CT., announced the company closed on two fourth quarter capital market transactions.

The company increased the size of its senior loan facility with Deutsche Bank AG, New York Branch to $125 million to support its 2020 originations. North Mill has had a banner year, reporting record-breaking new loan and lease originations throughout 2020.  Additionally, North Mill closed a new $50 million senior loan facility with Truist Bank this month. The new loan facility increases North Mill’s total credit availability to $205 million.

Mark Bonanno, Chief Operating Officer of North Mill, views these loan facility transactions as a testament to the organization’s continued efforts to improve the credit quality of its originations and diversification of asset types. “We are pleased that the Deutsche Bank team expressed its confidence in North Mill by increasing the size of its commitment,” Bonanno said. “The team at North Mill is excited to add a lender with the depth of experience and banking capabilities that Truist brings to the company’s debt stack. These transactions enable North Mill to expand its equipment lending activities and to continue providing third-party referral sources and end-users with superior service.”

Pier Snider, North Mill’s Chief Financial Officer, added, “Our ability to service our bank portfolios through the pandemic and through market cycles provides our lending partners with the confidence to initiate and grow their commitment levels with us. Both our senior secured notes as well as our receivable back securitized term notes issued in 2019 had their credit ratings reaffirmed in Q4.”

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