People’s United Bank, a subsidiary of People’s United Financial, acted as lead arranger to provide North Star Leasing with a four-year, $80 million expandable senior revolving credit facility.
People’s United renewed and upsized the previous $60 million revolving credit facility it provided to North Star Leasing in June 2018.
“We are excited to strengthen our existing relationship with North Star Leasing, who will use the facility to support their growing pipeline,” Ken Jamison, managing director of loan syndications at People’s United, said. “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.”
“People’s United Bank has not only reinforced our company’s growth but also our commitment to our customers,” Dan Feeney, CEO of North Star Leasing, said. “In response to COVID-19, we extended a payment deferment plan to our customers and have been working closely with them to provide flexible financing solutions during these uncertain times. As the country starts to reopen, the North Star Leasing team is ready, willing and able to extend credit to help our existing customers, prospects and active vendors re-establish their businesses in the communities in which they operate. People’s United Bank has been consistent in support of this effort.”
