Daily News: November 28, 2012

WFCF Expands Credit Facility for Navitas Lease

Navitas Lease Corp. continues expansion of its capital base to support growth in the small-ticket financing marketplace.

Navitas completed a second expansion of its revolving, senior secured credit facility with Wells Fargo Capital Finance. This additional $25 million added to its current line of $50 million provides the company with a total credit line of $75 million. This latest expansion of this facility will allow the company to meet its growth plans in 2013 and beyond.

Gary Shivers, the company’s CEO, said, “The ongoing commitment and support that Wells Fargo Capital Finance continues to provide Navitas is extremely rewarding and has given us the necessary capital to meet the key business objectives of the organization.”

“We are pleased to have been able to build on our relationship with Navitas through this increase in our credit facility,” said Andrea Petro, division manager of the Lender Finance division of Wells Fargo Capital Finance. “We look forward to supporting the company’s management team and its plans for long-term success.”

Navitas also closed the second tranche of its Series B Preferred Stock investment led by BlueMountain Capital Management on behalf of funds it manages. This additional capital validates the strength of the Navitas business strategy and enables the company to continue to build upon its successes. The company’s existing Series A investors, Noro-Moseley Partners, Croft and Bender, and Lunsford Capital also participated in the Series B investment.

Navitas is an equipment finance company headquartered in Ponte Vedra Beach, FL, that provides equipment financing to small- and medium-sized businesses nationally.