Pasadena Private Lending (PPL), a provider of senior secured business loans to successful entrepreneurs nationwide, closed on a new $150 million credit facility with KeyBank, expandable to $300 million. This new facility grows PPL’s overall capital base from $160 million to over $350 million, enhancing the firm’s ability to meet increasing demand.
“This milestone represents an important step in PPL’s ongoing mission to provide creative lending solutions for successful entrepreneurs,” Michael McAdams, president of PPL, said. “We continue to see robust demand from business owners in the lower middle market who are underserved by traditional lenders. Expanding our capital base allows us to deliver flexible, reliable and timely financing to more clients while upholding the prudent underwriting standards that define our firm.”
Iain Whyte, chairman of PPL, said, “This new relationship with KeyBank reinforces the market’s confidence in PPL’s approach and track record. Our team has built a reputation for being creative yet disciplined lenders, with the ability to deeply understand a borrower’s business and craft solutions that work in real-world situations. With this facility in place, we’re well positioned to continue our growth trajectory and support the entrepreneurs who are the backbone of the U.S. economy.”
Christopher Tucker, managing director at KeyBank, said, “We are excited to provide capital that will be deployed to serve the lower middle market with Pasadena Private Lending. This facility represents the next frontier in private credit adoption as well as an alignment of values as we support PPL’s ongoing growth and commitment to successful entrepreneurs nationwide.”
With the addition of the KeyBank facility, PPL will continue scaling its national platform of $2 million to $15 million senior secured business loans, addressing the needs of borrowers across industries and circumstances that are often overlooked by more traditional lenders.
GreensLedge Capital Markets acted as advisor to PPL on the refinancing of senior facility.
