Stonebriar Commercial Finance (“Stonebriar”), a leading independent large-ticket commercial finance and leasing company and an operating subsidiary of Eldridge Industries, is pleased to announce the closing of a new $81.6 million term loan (the “Facility”). The Facility provides Stonebriar with two tranches of 364-day committed funding for a portion of Stonebriar’s railcar portfolio.
DVB Bank SE (“DVB”) acted as Arranger for the Facility, and lenders include the Land Transport Division of DVB and Mutual of Omaha Life Insurance Company. Vedder Price P.C. represented DVB and the lenders in the Facility. Chapman and Cutler LLP represented Stonebriar.
Dave B. Fate, President and CEO of Stonebriar, stated "this new Facility represents the continued evolution of Stonebriar’s funding sources. It provides Stonebriar with financing that truly reflects the inherent collateral value within our Rail business platform at a competitive cost of funds. We are pleased to have been able to work with DVB and the lender group and hope to continue grow the relationship. The Facility provides Stonebriar a unique opportunity to continue to reduce our cost of funding with access to more diversified sources of capital that will enable Stonebriar to achieve its goals and objectives.”
About Stonebriar Commercial Finance
Stonebriar, an Eldridge Industries portfolio company based in Plano, TX, is a leading provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through 4 distinct platforms—General Equipment, Aviation Capital, Rail Leasing and Real Estate. To learn more about Stonebriar Commercial Finance please visit www.StonebriarCF.com
About Eldridge Industries
Eldridge Industries is a private investment firm specializing in providing both debt and equity capital. Eldridge invests across diversified industries with a focus on media and sports, insurance, real estate development, asset lending and financing, branded food and hospitality, and asset management businesses. In particular, the firm seeks to build and grow companies led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge Industries please visit www.Eldridge.com
About DVB Bank SE
The Land Transport Division of DVB Bank SE is the leading lender worldwide focused solely on rail and intermodal asset financing. With assets of over $1.7 billion and offices in New York and Frankfurt, Land Transport works with asset owners in Europe, North America and Australia to provide in-depth market expertise and capital at all stages of the market cycle.