TD Bank ABL Group Closes Nearly $600MM in Transactions
TD Bank announced that their asset-based lending group has closed 16 transactions totaling nearly $600MM in commitments through the first half of 2013, signaling an improving deal environment and increased demand for TD’s range of financing products by both private equity sponsors and business owners.
TD Bank’s continuing appetite to support the middle market and corporate segments is evidenced by the facilities extended to Home Meridian International, a top-five case good supplier to U.S. retailers, and Ravago Holdings America, the largest independent distributor and reseller of plastic resins in the Americas. In both instances, TD had existing banking relationships that laid the foundation for structures that provided additional liquidity to fund working capital, growth needs and future acquisitions, securing its position as a value-added partner.
“We’ve seen increasing demand for financing as the economy continues to recover and expand, and the market for the remainder of 2013 looks promising,” said Joe Nemia, head of Asset Based Lending at TD Bank. “At TD Bank, we pride ourselves on supporting existing customers when their business plans require additional capital to support their growth, so we were pleased to assist both Home Meridian and Ravago. We’re seeing a good appetite for capital in both the retail and paper/forestry verticals, and we look forward to continuing to bring our expertise to companies within those industries.”