FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


ATB Financial Provides Up to $41.5MM Credit Facility to Crown Capital Partners

May 10, 2021, 08:02 AM
Filed Under: Lender Finance
Related: ATB Financial

Crown Capital Partners entered into a new senior secured corporate credit facility of up to $41.5 million with ATB Financial ("ATB"). This facility replaces Crown's previous $35.0 million credit facility, which had a maturity date of May 31, 2021. Crown will use the Credit Facility to fund investments, potential acquisitions and share repurchases and for general corporate purposes.

"We're pleased to finalize a new credit facility with ATB, a long-time financial partner to Crown," said Chris Johnson, Crown's President & CEO. "This new facility supports our plans to invest in expanding our Network Services and Distributed Power businesses while we continue to transition our balance sheet, in particular reducing the amount of our capital at work in the alternative lending portfolio."

The Credit Facility includes a $30.0 million revolving credit facility with a three-year term that declines to $20.0 million at the end of 2021, an $8.0 million term facility that matures at the end of 2021, and a $3.5 million dedicated-purpose letter of credit facility. The revolving credit facility provides financing at a variable interest rate based on Prime plus 275bps to 350bps, has a customary set of covenants, and is subject to extension annually.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.