Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted June 07, 2021

 

WebBank today announced it has joined Synovus Bank, Specialty Finance Division ("Synovus") to provide additional commitment in an asset-based revolving credit facility to AB Private Credit Investors Corporation, a subsidiary of AllianceBernstein, which is one of the world’s largest investment management and research firms with approximately $724 billion in assets under management.

WebBank is a national issuer of consumer and small business credit products through its Strategic Partner platforms, including retailers, manufacturers, and FinTech companies, and provides asset-based lending and other credit facilities to Strategic Partners, credit funds, and other lenders with a focus on specialty finance assets.

AB Private Credit Investors Corporation will use borrowings from the $150MM asset-based revolving credit facility to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated.

The asset-based revolving credit facility commitment was upsized by $50MM from $100MM to $150MM. Synovus, as existing lender, increased its commitment by $20MM from $100MM to $120MM. WebBank, joining as an additional lender, provided a commitment of $30MM.


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