BRIDGEPORT, Conn., July 30, 2019 /PRNewswire/ -- 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.
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SOURCE People's United Bank