SUPERIOR, CO – Feb. 1, 2021 – KeyBank Specialty Finance Lending, a business unit of KeyBank National Association, announced today it has closed a $35 million credit facility for Commercial Equipment Finance Inc. (CEFI), an independent commercial equipment finance company headquartered in Puerto Rico.
“CEFI is a leading equipment finance company that we look forward to helping meet its growth targets over time,” said Rian Emmett, managing director and group head, KeyBank Specialty Finance Lending. “Based on the strength and experience of the management team, CEFI is an excellent addition to our lending portfolio.”
The credit facility is a non-recourse revolving line of credit to a wholly owned special purpose entity established by the company and secured by equipment loans and leases meeting certain criteria. It has a three-year term, including a two-year revolving period with an accordion feature to increase aggregate commitments up to $150 million.
“This KeyBank credit facility supports our growth and expansion within and outside of our footprint in Puerto Rico, Florida and Texas,” said Ricardo A. Rios, CEFI’s president and CEO. “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,” said Gregory Gac, Quadrant’s managing director. “The additional financing positions CEFI to build on its already substantial successes. Quadrant is proud to count CEFI as a valued client.”
About KeyBank Specialty Finance Lending
KeyBank Specialty Finance Lending is a business unit of KeyBank National Association and provides structured debt facilities for targeted segments within the specialty lending marketplace. For more information, visit keyequipmentfinance.com/business/specialty-finance.
About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
About Commercial Equipment Finance Inc.
Commercial Equipment Finance, Inc. (CEFI) is an independent, full service commercial equipment finance and leasing company committed to provide tailored financing solutions to meet the needs of growing companies. CEFI's has financed and leased over $400 million in commercial assets and has a lending platform to fulfill the commercial equipment needs for growing businesses. For more information, visit: http://cefipr.com/en/
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