BMO Harris Leads Patriot $80MM Syndicated Facility
Patriot National finalized a five-year syndicated credit facility led by BMO Harris Bank. The new facility, which closed on January 22, 2015 and matures in January 2020, consists of a $40 million revolving credit facility and a $40 million term loan facility.
The company intends to make borrowings of $40 million (or approximately $38.5 million net of loan fees), and together with the proceeds of its recent initial public offering, intends to repay $120 million outstanding under its existing loan agreements and for general corporate purposes.
“We are pleased to establish long-term relationships with BMO Harris Bank and SunTrust Bank, and to build on our existing relationships with Fifth Third Bank and City National Bank,” said Steven Mariano, CEO of Patriot National. “This credit facility strengthens our capital structure by allowing us to refinance our existing debt on improved terms as well as supports our growth opportunities by providing additional capital to support our strategic initiatives.”