Encina Equipment Finance closed a new non-recourse secured revolving loan facility with initial lending commitments from three lenders totaling $450 million. Bank of America structured the facility and is the administrative agent and the lead lender. In addition, Truist Bank and Citizens Bank each provided loan commitments in connection with the facility.
The new facility provides Encina Equipment Finance with additional committed capacity to fund equipment loans and leases while expanding the criteria for eligibility. The facility consists of a revolving period to be followed by an amortization period.
“The closure of this facility is a key milestone for EEF,” Rick Matte, CEO of Encina Equipment Finance, said. “With $450 million of total commitments, which is a high-water mark for EEF, we have the capacity to further grow assets and originations while better meeting the needs of our customers. Given the non-recourse nature of the facility, EEF can also more easily execute on a diversified funding strategy.”