LEAF Announces the Addition of $150 Million Revolving Credit Facility4 Oct, 2012
Philadelphia, PA– October 1, 2012 – LEAF Commercial Capital, Inc. (“LEAF”), a leading independent commercial equipment leasing and finance company, announced today that it continues to expand its funding capacity with the closing of a $150 Million revolving credit facility with Credit Suisse AG, New York Branch. This additional $150 Million of warehouse capacity will be used by LEAF to fund its new lease originations through its various vendor channels.
Miles Herman, the Company's President and COO, stated, “We are thrilled to enter into this relationship with Credit Suisse. Their depth of knowledge of our industry as well as their expertise in the ABS market will add significantly to our funding strategy. This new facility, when combined with LEAF's existing $185 Million revolving credit line, gives LEAF a total of $335 Million of warehouse financing that when, coupled with our programmatic ABS issuance strategy, will provide us with the funding capacity to meet the demands of our growing business for the foreseeable future. We are well capitalized and very focused on helping our equipment vendor partners accelerate revenue growth through creative financing programs and we are very optimistic about the future, particularly as we see the demand for small- and mid-ticket equipment leases beginning to increase as we move into the fourth quarter of 2012.”
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. ("LEAF") is one of the leading independent equipment leasing and finance companies in the U.S. Headquartered in Philadelphia, PA, LEAF serves the small- to mid-ticket equipment finance marketplace and maintains a nationwide origination footprint, working with manufacturers, distributors, and vendors of business-essential equipment and software in a variety of industries. LEAF is backed by Eos Partners, Resource Capital Corp., and Resource America, Inc. For more information on LEAF please visit www.LEAFnow.com.
About Credit Suisse, AG New York Branch
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as “Credit Suisse”). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,200 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.