For the 2nd time in 2009 Direct Capital has secured a funding facility. Our press release follows:
April, 2009 – Direct Capital Corporation announced today that it has closed a new $100 million equipment lease-backed commercial paper conduit securitization transaction with Key National Finance and participating conduits and banks.
The announcement is significant given the recent credit freeze in the bank markets and the unique manner in which major financial institutions worked collaboratively with Direct Capital to close the facility. As a result of these innovative efforts, Direct Capital will be able to immediately help thousands of small to medium-sized businesses access capital to purchase new and used equipment and technology.
“We are extremely pleased to secure additional growth capital in the form of debt financing in these challenging times,” said Christopher Broom, chairman of Direct Capital. “Access to attractive capital with competitive terms provides DCC a substantial competitive advantage to service new and existing vendor customers.
The company is well positioned to capture meaningful market share. Furthermore, DCC is proud to establish new banking relationships with companies like Key National Finance, which has extensive knowledge and industry expertise.”
“The lease advisory and distribution services group has a solid history of providing structured financing and equipment securitization products, plus syndication and distribution capabilities,” said Michael J. Swartz, managing director of Key National Finance’s lease advisory and distribution group.
“Key National Finance is very pleased to add Direct Capital Corporation as a client via this securitization facility,” said Rian Emmett, director, Key National Finance’s lease advisory and distribution group.
Just last month, Direct Capital announced the multi-year extension of a $100 million lease-backed commercial paper securitization through DZ Bank. In March, the company was recognized as the 6th largest independent leasing and finance company in the United States by the leasing industry trade magazine, The Monitor.
Photo credit to arte ram at http://www.sxc.hu/photo/1193408