BRIDGEPORT, Conn., Aug. 28, 2019 /PRNewswire/ -- People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.
(NASDAQ: PBCT), announced its Healthcare Finance and Capital
Markets Divisions provided a $92
million Credit Facility to MidCap Financial ("MidCap"), a
middle market-focused, specialty finance firm that provides senior
debt solutions to companies across all industries.
The Facility provides a "bridge" enabling MidCap to deliver fast
execution and loan closings to borrowers who seek long-term
permanent mortgage financing with a HUD, Freddie Mac or Fannie Mae
loan, which can take a number of months to obtain approval and
close. The Facility extends maturity of an existing Syndicated Line
of Credit provided to MidCap in 2017, for which People's United
served as Lead Arranger, and included multiple service offerings
for the borrower.
"We are excited to expand our partnership with MidCap and to
further strengthen our relationship with a leader in the middle
market finance industry," said Jeff
Carpenter, Executive Vice President of Commercial Banking,
People's United Bank. "This is a great example of our ability to
structure a unique banking solution tailored to Midcap's thoughtful
growth strategy."
Founded in 2008 and based in Bethesda,
MD, with additional offices in Chicago and Los
Angeles, MidCap provides senior debt solutions through a
broad array of products intended to finance growth and manage
working capital for middle-market companies across all industries.
MidCap provides management or other services with respect to over
$22 billion of commitments as of
June, 2019, of which $3.44 billion
are managed by MidCap Financial Services Capital Management LLC, a
registered investment adviser. MidCap's leadership team has deep
industry experience with an average experience of over 20
years.
"People's United is a proven lender that understands our
business model and has the creativity and flexibility to provide
solutions that are suited to our and our borrowers' needs," said
Eric Kammerer, Managing Director,
Head of Real Estate Finance & Syndications at MidCap Financial.
"Our years of experience, strong balance sheet, and flexibility
have made us a lender of choice for companies across all stages of
growth and complexity. We believe by partnering with a specialized
lender like People's United, and with support from a network of
other lenders forming the syndicate, we can realize a distinct
competitive advantage."
People's United's Healthcare Finance and Capital Markets
Divisions are comprised of experienced in-market Bankers across the
Northeast and Mid-Atlantic who provide local market-based
solutions to non-profit and for-profit organizations across
industries. The teams offer Commercial Banking solutions for
Healthcare Finance, including Treasury Management, Wealth
Management, Derivative and Insurance services. In addition, their
origination, underwriting and approval of credit facilities of
$5 million and higher provides
companies with funds for acquisitions, construction, equipment,
working capital needs or debt restructuring.
About People's United Bank
People's United Bank, N.A.
is a subsidiary of People's United Financial, Inc., a diversified,
community-focused financial services company headquartered in the
Northeast with more than $51 billion
in assets. Founded in 1842, People's United Bank offers commercial
and retail banking through a network of over 400 retail locations
in Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm
that provides senior debt solutions to companies across all
industries. MidCap Financial provides management or other services
with respect to over $22 billion of
commitments as of June, 2019, of which $3.44
billion are managed by MidCap Financial Services Capital
Management LLC, a registered investment adviser. MidCap Financial
provides a broad array of products intended to finance growth and
manage working capital. MidCap Financial is managed by Apollo
Capital Management, L.P., a subsidiary of Apollo Global
Management, LLC, pursuant to an investment management agreement.
Apollo Global Management is one of the world's largest asset
managers with approximately $303
billion of assets under management (as of March 31, 2019), providing market leading
industry expertise, market reach, and financing
synergies.
View original
content:http://www.prnewswire.com/news-releases/peoples-united-bank-provides-92-million-credit-facility-for-midcap-financial-300908520.html
SOURCE People's United Bank