People’s United Bank’s Commercial Banking division acted as lead arranger on a three-year, $60 million expandable senior revolving credit facility for North Star Leasing, a Vermont-based micro-ticket leasing company specializing in equipment financing for businesses in a variety of industries.
People’s United renewed and upsized the previous $45 million revolving credit facility it had provided to the company in August 2016.
“We are excited to strengthen our existing relationship with North Star Leasing, who will use the facility to support their growing pipeline,” said Ken Jamison, managing director of Loan Syndications at People’s United. “It’s through long term relationships with specialized companies like North Star Leasing that we are able to deliver customized financing solutions to meet the dynamic needs of our clients.”
Founded in 1979 and headquartered in Burlington, VT, North Star Leasing provides specialized lease solutions across numerous industries. It works with thousands of equipment vendors, manufacturers and resellers to help end customers finance and access mission critical equipment. It is owned by Copley Equity Partners.
“The expansion of our existing credit facility is a vital component to support our aggressive growth plans for 2019 and beyond, as we aim to further penetrate the markets we serve,” said Dan Feeney, CEO, North Star Leasing. “People’s United’s ability to serve as an advisor, providing flexible solutions that evolve as our needs do, is critical in this ever-changing market.”
Founded in 1842, People’s United Bank is a Northeast-based, regional bank which offers commercial and retail banking, as well as wealth management services, through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
