NEW YORK — IDB Bank has arranged a $100 million dual-solution financing package for a New York-based for-hire vehicle and black car livery company, the bank announced Tuesday.
The deal, in which IDB served as Administrative Agent, combines an asset-based line of credit and Employee Stock Ownership Plan (ESOP) financing. It aims to support the company’s modernization efforts, business transformation, and future expansion plans.
“This financing activity is a milestone in our continued relationship with our client,” said Chris Dowd, senior vice president and head of IDB Specialty Finance. “We credit the success of this deal to our end-to-end client service and a culture of delivering unique solutions to meet evolving business needs.”
Dowd led the transaction alongside Richard Miller and Steven Moran, both senior vice presidents in Asset-Based Lending, and John Bertolozzi, senior vice president of Loan Syndications.
IDB Bank, headquartered in New York, said the deal reflects strong momentum in its national lending platform and reinforces the bank’s growing presence in high-opportunity markets.
