U.S. Markets close in 4 mins

People's United Bank Provides $92 Million Credit Facility for MidCap Financial

BRIDGEPORT, Conn., Aug. 28, 2019 /PRNewswire/ -- People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (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. 

Cision

View original content:http://www.prnewswire.com/news-releases/peoples-united-bank-provides-92-million-credit-facility-for-midcap-financial-300908520.html