Commercial Equipment Finance Receives $35 Million Line of Credit
CEFI Looks to Expand ‘Within and outside’ Puerto Rico, Florida and Texas
SAN JUAN — KeyBank Specialty Finance Lending has closed a $35 million credit facility for Commercial Equipment Finance (CEFI), an independent commercial equipment finance and leasing company based in Puerto Rico.
CEFI has a lending platform to the fulfill commercial equipment needs of businesses and has financed and leased more than $200 million in commercial assets.
The credit facility is a non-recourse revolving line of credit to a wholly-owned special purpose entity established by CEFI and secured by equipment loans and leases meeting certain criteria, according to the press release issued Thursday. The credit facility has a three-year term, including a two-year revolving period “with an accordion feature to increase aggregate commitments up to $150 million.”
“CEFI is a leading equipment finance company that we look forward to helping meet its growth targets over time,” said Rian Emmett, the managing director and group head of KeyBank Specialty Finance Lending. “Based on the strength and experience of the management team, CEFI is an excellent addition to our lending portfolio.”
“This KeyBank credit facility supports our growth and expansion within and outside of our footprint in Puerto Rico, Florida and Texas,” Ricardo A. Rios, president and CEO of CEFI, said in the release. “We are excited to begin a long-lasting relationship with KeyBank’s team and benefit from their expertise as we grow.”
Quadrant Financial Group acted as adviser to CEFI in arranging the transaction.
“CEFI’s excellent management team and stellar portfolio made it a great candidate for this type of facility,” Gregory Gac, managing director for Quadrant Financial Group, added. “The additional financing positions CEFI to build on its already substantial successes.”