Northbase Finance closed a revolving credit facility with Oaktree through its asset-backed finance strategy, providing up to $300 million in scalable financing capacity. The facility will support the continued expansion of Northbase’s North American equipment financing platform, focused on critical operating assets across power generation, compression, energy transformation infrastructure and industrial markets in the United States and Canada.
Northbase has grown its managed portfolio by more than 100% year over year and continues to see significant demand from operators, equipment providers, sponsors and intermediaries for flexible financing solutions, including leases, rentals, progress payments, sale-leaseback arrangements.
“Northbase was built to finance complex, asset-intensive transactions that require sector expertise, flexible structuring, and conviction in the underlying equipment,” Eva Kiefer, president and chief financial officer of Northbase, said. “Our partnership with Oaktree expands Northbase’s capacity to serve our clients across larger transactions, longer terms, and a broader range of equipment types. With this facility, Northbase is positioned to be a true alternative for customers whose needs do not fit within traditional financing frameworks.”
John Forgeron, executive chairman of Northbase, added, “Equipment providers and operators need financing partners who understand the equipment, the end-market, and the commercial objective behind each transaction – whether closing an equipment sale, deploying a project, expanding a fleet or refinancing in-field assets. Northbase is purpose-built to bridge that gap. Oaktree’s partnership is a powerful validation of the Northbase platform and materially expands our ability to finance the critical assets that keep the North American economy running.”
Rana Mitra, managing director in Oaktree’s asset-backed finance and structured credit strategy, said, “Oaktree’s Asset-Backed Finance strategy has a long history of investing in the equipment finance sector, and we are pleased to partner with Northbase as it continues to grow its platform. Northbase’s sector expertise, disciplined underwriting, and robust operating and servicing model positions it well to meet the growing demand for flexible equipment financing solutions.”
Cantor Fitzgerald served as sole placement agent and sole structuring advisor to Northbase. Alston & Bird served as legal counsel to Northbase.
