XS Financial, an established equipment finance company serving middle-market storied credits, has amended and upsized its current $70 million line of credit with Needham Bank to $100 million, with First Citizens Bank participating for $20 million. XS Financial intends to use loan proceeds to fund additional capital expenditure and equipment leases with new and existing customers.
Gramercy Capital Group (through INTE Securities) served as financial advisor to XS.
“We are thrilled to expand our relationship with Needham Bank and welcome First Citizens Bank as a new partner,” David Kivitz, CEO of XS Financial, said. “This expanded credit facility demonstrates our financial strength and is a testament to XS Financial’s disciplined underwriting and unwavering dedication to helping its clients access critical-use equipment. XS Financial has built a reputation for providing flexible financing solutions that address the unique needs of middle-market companies-supporting them through high-growth periods, capex replacement cycles and expansion.”
“XS Financial plays a critical role in today’s cannabis ecosystem through their financing solutions, and we look forward to being a part of their next phase of growth,” Ryan Palmquest, director of cannabis banking at First Citizen Bank, said. “We are proud that our cannabis and asset-based lending teams could bring our industry expertise and tailored solutions together to support XS Financial so they can in turn continue to innovate and grow their customer base.”
