Emerald Creek Capital, a real estate finance firm based in New York City, procured a $110 million revolving line of credit from M&T Bank, BankUnited and Webster Bank.
BXP exercised a portion of the accordion feature under its existing revolving credit facility to increase the available borrowing capacity by an aggregate amount of $315 million, increasing the facility’s maximum borrowing capacity to $1.815 billion.
The Eastern Company, an industrial manufacturer of engineered solutions serving commercial transportation, logistics and other industrial markets, established a new five-year, $90 million senior secured credit facility. TD Bank was the lead arranger for the transaction.
M&T Bank announced it will transition certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock and trust preferred securities currently using three-month U.S. dollar LIBOR as the reference rate to CME Term SOFR after June 30.
Wilmington Trust, a wholly-owned subsidiary of M&T Bank, agreed to sell its Collective Investment Trust (CIT) business to Madison Dearborn Partners, a private equity firm based in Chicago.
Gibraltar Industries closed on a $400 million five-year revolving credit facility. KeyBanc Capital Markets, Bank of America, M&T Bank and PNC Bank acted as joint lead arrangers for the new facility, with Comerica Bank, TD Bank and Wells Fargo serving as co-documentation agents.
inTEST executed an amendment to its loan agreement with M&T Bank to expand the existing non-revolving delayed draw term loan facility by $25.5 million to $50.5 million.
MarineMax, a recreational boat and yacht retailer, completed $1.35 billion in senior secured credit facilities. M&T Bank led the facilities as administrative agent and joint lead arranger, along with Wells Fargo Commercial Distribution Finance as joint lead arranger and floor plan agent.
M&T Bank provided a $25 million senior secured revolving credit facility to Rand Capital, a business development company providing alternative financing for lower middle-market companies, which will use the funds for future portfolio investments.
Richard Gold, president and chief operating officer for M&T Bank, intends to retire, effective after Q1/23. Gold plans to remain on the board of directors of M&T Bank.