Santander Provides $243MM Financing for MFI
Santander Bank provided $243 million financing for a take-private transaction for MicroFinancial Incorporated (MFI). Proceeds from a $43 million bridge loan and a $200 million revolving line of credit were used to repurchase a portion of the outstanding shares and to provide general working capital for MFI going forward.
“We have had the privilege to work closely with MicroFinancial Incorporated since 2007. With their strong management team and business plan, the company is well positioned for growth,” said Albert Spada, managing director and head of asset based lending at Santander. “This is an exciting time for the company. We look forward to working with MFI to support their future growth plans following the recent acquisition.”
“Santander is pleased to have underwritten and syndicated this opportunity,” said Mike Lee, managing director of commercial banking at Santander. “Lead underwriting is a growing area for our Bank and one example of how we are working to provide solutions to long-time customers like MicroFinancial.”
MicroFinancial is a financial intermediary which, through its subsidiary TimePayment, specializes in leasing and financing products that are typically in the $500 to $50,000 and up price range. MFI and TimePayment are based in Burlington, MA.
“Santander has long supported MFI. We have been very pleased with their support and professionalism. We are especially pleased with the most recent financing package and the team work they demonstrated in putting it together,” said Richard F. Latour CEO and president of MFI. “Santander’s asset-based lending group has been climbing the ranks of loan providers for its work in helping businesses meet their capital needs. In the case of MFI, Santander’s credit, syndications, and relationship management teams were able to finalize underwriting and receive approval in just three weeks.”