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People’s United Bank Leads Expansion of Credit Facility to $50 Million for MVC Capital, Inc.
July 30, 2019
People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced its Commercial Banking division served as Lead Arranger on the expansion of a credit facility to $50 million for MVC Capital, Inc. (MVC), a Business Development Company (NYSE: MVC) that provides long-term debt and equity investment capital to fund acquisitions, growth and recapitalizations of companies in a variety of industries. People’s United’s Asset-Based Lending (ABL) and Capital Markets teams partnered on the facility that will provide MVC with working capital for future acquisitions and investments.
“We are excited to develop a new partnership with the MVC management team to provide an Asset-Based Lending facility as well as other bank products to support the company’s near and long-term growth initiatives,” said Kate Lepak, SVP, Asset Based Lending, People’s United Bank. “Partnering with our Capital Markets team allowed us to successfully expand the credit facility to facilitate MVC’s anticipated growth.
“Our full-service Commercial Banking capabilities enabled us to provide MVC with financing solutions in a simple and straight forward manner,” said Ken Jamison, Managing Director, Loan Syndications. “Our long-standing commitment to providing companies like MVC with financing expertise, personalized solutions and a network of banking partners, demonstrates our confidence in leading large, complex deal structures.”
The People’s United Asset-Based Lending and Capital Markets teams are comprised of experienced in-market specialists across the Bank’s Northeast footprint whose focus is on local relationship development. The teams provide senior-secured loans in excess of $5 million to companies across industries. The Asset-Based Lending team is led by Kate Lepak, SVP, Asset-Based Lending and the Syndications team is led by Ken Jamison, Managing Director, Loan Syndications.
“As the needs of our business has transitioned, People’s United has proven to be a reliable partner who is committed to understanding our evolving capital needs, and more importantly, how they can help us achieve our strategic growth objectives,” said Scott J. Schuenke, Chief Financial Officer, MVC Capital.
About People’s United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $51 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.
About MVC Capital, Inc.
MVC Capital is a Business Development Company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund acquisitions, growth and recapitalizations of companies in a variety of industries. For MVC's investor relations, please call Jackie Rothchild at 914-510-9400 or Jeffrey Goldberger at 212-896-1249.
