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Encina Equipment Finance Closes New $450MM Facility

April 28, 2022, 07:22 AM
Filed Under: Industry News

Encina Equipment Finance, LLC (EEF) announced the closing of 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, N.A. structured the facility and is the Administrative Agent and the lead lender. In addition, Truist Bank and Citizens Bank, N.A. 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.”

Launched in June 2017, Encina Equipment Finance provides loans and leases ranging in size from $5 million to $50 million secured by essential-use machinery and equipment. The platform provides financing to both privately owned (sponsor and non-sponsor) and publicly traded companies across a wide range of collateral types, industries (including, but not limited to, construction, distribution, energy, food processing, health care, information technology, manufacturing, mining, paper & packaging, and transportation) and use cases (including loans against existing or newly acquired assets, leases of newly acquired assets and sale-leasebacks of existing assets). EEF is a portfolio company of Franklin BSP Lending Corporation and Franklin BSP Capital Corporation, business development companies advised by affiliates of Benefit Street Partners LLC.

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