The commercial banking division of People’s United Bank amended and extended an existing $135 million syndicated credit facility for NFS Leasing, a Boston-based independent equipment leasing company specializing in leasing technology, scientific and medical equipment, as well as robotic, agricultural and construction equipment.
The amendment extends the maturity of the facility to December 31, 2022, with an option to extend through 2024.
NFS, which has been a customer of People’s United since 2007, plans to use the facility to support its capital needs.
Over the past decade, People’s United has grown its relationship with NFS, adding four additional participating lenders and upsizing the facility from $95 million to $135 million in 2016 to support NFS’s growth in the medical and scientific lease finance segment.
“We are excited to strengthen our more than ten-year relationship with NFS Leasing and continue to provide them with tailored lending solutions to meet their evolving business needs,” said John Doucette, People’s United senior vice president, Commercial Lending. “It is through long-term relationships with partners like NFS, we are able to serve as an advisor, understanding the unique attributes of the industries our clients operate in to provide guidance over the long-term.”
“As the needs of our business and that of our clients evolve, People’s United has been a steadfast business partner with a proven ability to be nimble in their approach, providing flexible capital solutions, adapting to our ever-changing needs,” said Mark Blaisdell, NFS chief financial officer.
Founded in 1842, People’s United Bank is a community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Its Commercial Banking team is comprised of experienced in-market financing specialists who focus on local relationship development and origination.