The deal represents the successful execution of a dual-solution financing package, signaling growing momentum across the Bank’s national lending platform.
IDB Bank, a New York-based private and commercial bank, has served as the Administrative Agent to provide a $100 million dual-solution financing package to benefit a New York-based for-hire vehicle and black car livery enterprise. The deal equally represents two loan components, including an asset-based line of credit and Employee Stock Ownership Plan (ESOP) financing to meet the business’ aggressive modernization, enterprise transformation and growth horizons.
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“We credit the success of our most recent deal to both our commitment to end-to-end client service, as well as our pervasive culture of delivering unique solutions to scale evolving commercial segments,” said Chris Dowd, SVP, Head of IDB Specialty Finance. “This financing activity is a milestone in our continued relationship with our client, who we have proudly supported throughout their business lifecycle to date.”
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Under Dowd’s leadership, the deal was additionally executed by Richard Miller, SVP, Asset-Based Lending, Steven Moran, SVP, Asset-Based Lending and John Bertolozzi, SVP, Loan Syndications.
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The successful deal closure signals the robust position of IDB’s Specialty Finance business, as well at the Bank’s strengthening presence across high-opportunity markets.
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Source – Businesswire
