Pasadena Private Lending, an affiliate of Pasadena Private Financial Group, is pleased to announce it has recently closed on a $50 million secured term loan with SLR Capital Partners, LLC (“SLR”), an independent asset manager focused on providing capital solutions to U.S.-based middle market businesses across direct lending and specialty finance asset classes. Concurrently, PPL amended and extended its $75 million Senior Credit Facility with East West Bank, the largest publicly traded bank headquartered in Southern California, with an expertise in lending to specialty finance companies. East West Bank has been PPL’s senior lender since 2021 and increased the advance rate from 65% to 70% while extending the maturity to July 2028.
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This additional capital will enable PPL to increase its current portfolio and take advantage of favorable trends in the Owner-Guaranteed Business Loan market. As economic uncertainties surface and interest rates decrease, there is significant demand from lower-middle market companies to access floating-rate credit from creative and responsive non-bank lenders such as PPL.
Michael McAdams, CEO of PPL said: “We are excited to receive this influx of capital at a time when private credit is becoming commonplace and overtaking traditional banks as the engine of economic growth. We sincerely appreciate the confidence SLR and East West Bank have shown in our ability to prudently grow our business.”
Iain Whyte, Chairman of PPL and of Pasadena Private Financial Group added: “We welcome larger private credit brethren SLR to our capital stack and are excited to have their support and credit expertise for our continued expansion. Meanwhile, East West Bank has continued to be a responsive and attentive banking partner and the fact they are also headquartered in our hometown of Pasadena is a wonderful bonus.”
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Andrew Stein, Executive Vice President, Head of Commercial Banking and Specialty Finance Eastern Region of East West Bank said: “Over the past several years, we have developed expertise in the specialty finance space and our portfolio has demonstrated strong double digit growth year-in and year-out. Our experience allows us to support emerging lenders with strong management teams and unique programs like that of PPL.”
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Mark Parsa, Partner, SLR Capital Partners said: “SLR is excited to partner with the management team of PPL. We look forward to supporting PPL’s growth and are excited to expand the strategic partnership by leveraging the expertise of PPL’s strong team.
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Source – Businesswire
