WebBank partnered with Synovus Bank’s specialty finance division to provide an additional commitment for an asset-based revolving credit facility for AB Private Credit Investors, a subsidiary of AllianceBernstein, an investment management and research firm with approximately $724 billion in assets under management.
The additional commitment upsized the original facility from $100 million to $150 million. Synovus Bank, as existing lender, increased its commitment by $20 million and WebBank, joining as an additional lender, provided a commitment of $30 million.
AB Private Credit Investors will use borrowings from the $150 million asset-based revolving credit facility to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated.
“On behalf of AB Private Credit Investors and AllianceBernstein, we are appreciative of WebBank’s support of our business, and we look forward to continuing to build this relationship in the future,” Wes Raper, COO of AB Private Credit Investors, said. “Additionally, we are honored by the opportunity to expand our relationship with Synovus through this asset-based revolving credit facility.”
“We are proud to collaborate with WebBank, as our structured finance team continues to expand its offering of best-in-class consultative solutions to specialized lending platforms and the asset management community,” Jonathan Rosen, CEO of the specialty finance division of Synovus Bank, said.
“We are excited to further expand our footprint in providing leverage to credit funds through asset-based lending facilities and appreciate the opportunity to participate in this financing transaction in partnership with Synovus,” Jason Lloyd, president of WebBank, said. “The financing underscores WebBank’s confidence in AB Private Credit Investors Corporation’s experience and ability to source, underwrite, structure and service private credit loans to middle-market companies. It has been a pleasure to work closely with Synovus Bank’s specialty finance team on this transaction.”
AB Private Credit Investors is an externally managed, non-diversified, closed-end, management investment company that elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.
