Stonebriar Commercial Finance, an independent large-ticket commercial finance company, announced it has privately placed $90 million of senior unsecured notes maturing in 2025 and 2027. The notes mark Stonebriar’s second such issuance since 2019 and have been assigned an investment grade rating of “BBB (low)” rating by DBRS, Inc.
The company expects to use the net proceeds from this offering for general corporate purposes, including the repayment of existing indebtedness.
Dave B. Fate, President and CEO of Stonebriar, stated: “The successful issuance of the notes, especially in the current environment of uncertainty, reflects the ongoing trust and confidence in Stonebriar’s performance. We are proud to welcome several new institutional investors to the Stonebriar relationship. The unsecured notes nicely complement our $571 million 2020-1 ABS issuance completed in August and reflect our strong, investment-grade corporate financial profile. The mix of 5- and 7-year maturities provide the company with efficient, long-term funding to help support its continued disciplined portfolio growth.”
BofA Securities, Inc. was the sole placement agent and Vedder Price provided legal counsel to the company for this offering.