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Stonebriar CF Closes $81.6MM, Multi-tranche Term Loan

January 22, 2019, 07:25 AM
Filed Under: Industry News

Stonebriar Commercial Finance announce the closing of a new $81.6 million term loan. The facility provides Stonebriar with two tranches of 364-day committed funding for a portion of Stonebriar’s railcar portfolio.

DVB Bank SE 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, said, "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.”

Stonebriar, based in Plano, TX, is an independent large-ticket commercial finance and leasing company and an operating subsidiary of Eldridge Industries. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through four distinct platforms—General Equipment, Aviation Capital, Rail Leasing and Real Estate.

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