Industry News: Around the Industry
Navitas Lease Corp. Announces the Closing of the Second Tranche of Series B Preferred Stock and Expansion of Credit Line
Ponte Vedra Beach, Fla., November 28, 2012 - Navitas Lease Corp. continues expansion of its capital base to support growth in the small ticket financing marketplace.
Navitas successfully closed the second tranche of its Series B Preferred Stock investment led by BlueMountain Capital Management, LLC on behalf of funds it manages. This additional capital validates the strength of the Navitas business strategy and enables the company to continue to build upon its successes. The company’s existing Series A investors, Noro-Moseley Partners, Croft and Bender LLC, and Lunsford Capital LLC also participated in the Series B investment.
Concurrent with the closing, Navitas also completed a second expansion of its revolving, Senior Secured Credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). This additional $25 million added to its current line of $50 million provides the company with a total credit line of $75 million. This latest expansion of this facility will allow the company to meet its growth plans in 2013 and beyond. Gary Shivers, the company’s CEO says, “The on-going commitment and support that Wells Fargo Capital Finance continues to provide Navitas is extremely rewarding and has given us the necessary capital to meet the key business objectives of the organization.”
"We are pleased to have been able to build on our relationship with Navitas through this increase in our credit facility," said Andrea Petro, division manager of the Lender Finance division of Wells Fargo Capital Finance. "We look forward to supporting the company’s management team and its plans for long-term success."
About Navitas Lease Corp.: Navitas is an equipment finance company headquartered in Ponte Vedra Beach, Florida, with offices in Cherry Hill, NJ and Columbia, SC. The company provides equipment financing to small and medium sized businesses nationally, through developing referral programs with equipment vendors and through lease brokers in its RLC Funding Division. For more information about Navitas please visit our website at www.navitaslease.com or call 877-NAVITAS (628-4827).
About Wells Fargo Capital Finance: Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About BlueMountain Capital, LLC: BlueMountain Capital Management is a leading investment manager focused on the credit markets managing $12.1 billion of assets, with $9.8 billion in hedge fund and opportunistic credit vehicles, as well as $2.3 billion in CLO assets. Founded in 2003, BlueMountain looks for relative value opportunities and maintains minimal directional exposure to credit markets. The Firm’s investment strategies include fundamental credit (long/short, capital structure), structured credit (corporate, ABS) and arbitrage and technical (index arbitrage, bond basis). Its 147 person team of professionals in New York and London are supported by its institutionalized and proprietary infrastructure, including world-class operations and risk management technology. ###
If you would like to know more about Navitas Lease Corp. or to schedule an interview please contact Gary Shivers at 904.543.2575 ext. 102 or email firstname.lastname@example.org
Navitas Lease Corp.