Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, closed a $130 million senior revolving credit facility for Access Capital. The three-year facility includes a $30 million accordion feature to upsize as Access Capital grows. Valley Bank is the administrative agent, sole lead arranger, and sole bookrunner for the deal.
“As a leading independent lender to the staffing industry, Access Capital provides its clients with working capital so they can continue to grow their businesses,” Douglas Meyer, first senior vice president and national head of specialty finance at Valley Bank, said. “Valley’s ability to leverage our specialized expertise in the lender finance arena allowed us to provide a thoughtful and well-structured solution affording Access the confidence to support not only its existing client base but ample runway for future growth.”
Access Capital provides working capital solutions, including revolving lines of credit for staffing companies for use as payroll funding and for corporate purposes, in a range of industries, including temporary staffing and IT consulting.
“This financing facility is a very important part of our strategic growth initiatives. We are very pleased to have worked with the team from Valley and our other existing banking partners to further solidify the funding of our portfolio growth. They worked hard to craft a facility that meets our needs for now and the future,” Terry Keating, CEO of Access Capital, said.