Valley Bank’s New York City Commercial Banking Team Closes $150 Million Syndicated Credit Facility to a Premier New York -Based Finance Company
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NEW YORK--(BUSINESS WIRE)--
Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that their New York City Commercial Banking Team closed a $150 million senior revolving credit facility for a premier New York -based finance company. The three-year facility includes a $40 million accordion feature. The recipient of the loan provides accounts receivable and factoring services. Valley is the Administrative Agent and Sole Bookrunner for the deal. The deal closed in conjunction with Valley’s Syndications Team which supports the bank nationwide. Hovde Group advised on the transaction.
“Leveraging Valley Bank’s expertise in the Lender Finance arena allowed our team to provide a bespoke solution affording our client operational flexibility. The structure also ensures meaningful runway for our client to continue building their legacy for many years to come,” commented Douglas J. Meyer, Regional President of New York City Commercial Banking at Valley Bank. “I’m proud of the dedication our New York City bankers continue to demonstrate. This focus has led to several capstone transactions highlighting Valley’s capabilities as both a relationship bank and trusted advisor. This is indicative of the strategy Valley has put in place to grow our Commercial Banking business activities across the firm.”
About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $61 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.
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