People’s United Bank Expands North Star Leasing’s Funding Capabilities
Northeast Based Financial Services Provider Commits to $80MM Credit Line for Equipment Financing Company
June 9, 2020 – Burlington, VT North Star Leasing Company announced that People’s United Bank’s, N.A, a subsidiary of People’s United Financial, Inc., Commercial Banking division has acted as Lead Arranger to provide the company with a three-year, $80 Million expandable Senior Revolving Credit Facility.
People’s United renewed and upsized the previous Revolving Credit Facility it provided to North Star Leasing in October 2018 of $60 Million.
“We are excited to strengthen our existing relationship with North Star Leasing, who will use the facility to support their growing pipeline,” said Ken Jamison, Managing Director of Loan Syndications. “It’s through long-term relationships with specialized companies like North Star Leasing that we are able to deliver customized financing solutions to meet the dynamic needs of our clients.”
“People’s United Bank has not only reinforced our company’s growth but also our commitment to our customers,” said Dan Feeney, CEO, North Star Leasing Company. “In response to COVID-19, we extended a Payment Deferment Plan to our customers and have been working closely with them to provide flexible financing solutions during these uncertain times. As the country starts to reopen, the North Star Leasing team is ready, willing, and able to extend credit to help our existing customers, prospects, and active vendors re-establish their businesses in the communities in which they operate. People’s United Bank has been consistent in support of this effort.
About North Star Leasing Company
Founded in 1979, North Star Leasing is a provider of equipment financing solutions for businesses in a variety of industries. For the past 40 years, North Star Leasing has focused exclusively on helping businesses grow and expand by providing lease financing for mission-critical equipment. North Star Leasing is a direct funder and takes a personalized approach to each application. www.northstarleasing.com
About Copley Equity Partners
Copley Equity Partners is a private investment firm that partners with established lower middle-market businesses. Copley invests in companies across a broad range of sectors and is comfortable in both majority or minority ownership positions. Copley invests out of an evergreen, single-family office, capital base making the firm agnostic to the standard private equity fundraising cycle. Copley’s patient and flexible capital base allows the firm to focus on providing each portfolio company significant support post investment. www.copleyequity.com
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 $60 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.