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BofA Agents New $450MM Credit Facility for Encina Equipment Finance

April 28, 2022, 07:53 AM
Filed Under: Lender Finance

Encina Equipment Finance (EEF) closed a new non-recourse secured revolving loan facility with initial lending commitments from three lenders totaling $450 million. The new facility provides EEF with additional committed capacity to fund equipment loans and leases while expanding the criteria for eligibility.

The facility consists of a revolving period to be followed by an amortization period. Bank of America structured the facility and is the Administrative Agent and the lead lender. In addition, Truist Bank and Citizens Bank each provided significant loan commitments in connection with the facility.

“The closure of this facility is a key milestone for EEF,” said Rick Matte, CEO of EEF. “With $450 million of total commitments, which is a high water mark for EEF, we have the capacity to further grow assets and originations while better meeting the needs of our customers. Given the non-recourse nature of the facility, EEF can also more easily execute on a diversified funding strategy.”

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