Valley Bank’s New York City commercial banking team closed a $150 million senior revolving credit facility for a New York-based finance company that provides accounts receivable and factoring services.
The three-year facility includes a $40 million accordion feature. Valley Bank is the administrative agent and sole bookrunner for the deal, which closed in conjunction with Valley Bank’s syndications team. Hovde Group advised on the transaction.
“Leveraging Valley Bank’s expertise in the lender finance arena allowed our team to provide a bespoke solution affording our client operational flexibility. The structure also ensures meaningful runway for our client to continue building their legacy for many years to come,” Douglas J. Meyer, regional president of New York City commercial banking at Valley Bank, said. “I’m proud of the dedication our New York City bankers continue to demonstrate. This focus has led to several capstone transactions highlighting Valley’s capabilities as both a relationship bank and trusted advisor. This is indicative of the strategy Valley has put in place to grow our commercial banking business activities across the firm.”
