Sun Life Assurance Company of Canada closed a new funding facility with Pawnee Leasing, a subsidiary of the Chesswood Group.
The new facility will finance Pawnee’s prime originations and provides additional annual funding for Pawnee of up to $80 million, with a cost of funds that are fixed at the time of each tranche.
Sun Life has provided equipment finance facilities to many Canadian finance companies for more than 25 years while gradually expanding its U.S. portfolio.
“This additional capacity for Pawnee broadens our treasury resources, expands our capacity and improves Pawnee’s over-all cost-of-funds in addition to locking in a fixed rate at the time of funding” said Barry Shafran, Chesswood president and CEO. “We are very pleased to be expanding our relationship with Sun Life while enhancing Pawnee’s financial resources and expanding its banking relationships.”
Chesswood Group is North America’s only publicly traded commercial equipment finance company focused on small and medium-sized businesses.
Colorado-based Pawnee Leasing finances a highly diversified portfolio of commercial equipment leases and loans.
