NEW YORK, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Merchant Financial Group, a leader in providing working capital solutions for innovative businesses, announced today the expansion of its existing credit facility from $372 million to $400 million to support the company's growth and expansion of its financial services. The expansion involves a syndicate of 14 lenders, with IDB Bank operating as the Administrative and Collateral Agent on the transaction. IDB has been a lender to Merchant since the group’s founding and has acted as its syndication agent since 2009.
“IDB is an established partner we could count on to engineer and guide a complex transaction,” says Merchant President and CEO Adam Winters. “Through long experience, we knew their syndication desk had the connections, expertise and responsiveness we count on to create dynamic opportunities for ourselves and our clients.”
“Our work with Merchant is a great example of what IDB’s syndication platform can accomplish,” said Chris Dowd, IDB Senior Vice President. “With the resources we’ve committed, we’re able to execute on complex loan strategies that can support our clients’ growth.” IDB Executive Vice President & Chief Lending Officer Lissa Baum stated that Merchant’s syndicated loan “demonstrates the maturity of IDB’s loan platform and our determination to evolve while always putting our clients’ needs first.”
Merchant Financial Group provides forward-thinking financing services that enable dynamic companies to achieve their vision. It offers “one-stop shopping” for capital requirements — including factoring, asset-based lending, credit checking and insurance, brand licensing and purchase order financing — while providing each client with tailored financial solutions to meet specific needs. Merchant works closely with companies in multiple industries at various stages in their growth, and partners with entrepreneurs, established business leaders, and passionate founders to transform their creative vision into extraordinary business growth.
About IDB Bank (www.idbny.com)
IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. Headquartered in Manhattan, IDB operates branch offices in Brooklyn, NY, Staten Island, NY and Short Hills, NJ, and full-service branches in Southern Florida and Southern California. The bank offers a full-service lending platform for personal and commercial banking, trade services and deposit products to U.S.-based and international clients. Its areas of expertise include Middle Market, Asset Based and Commercial Real Estate Lending, Factoring, Trade Finance, Apparel and Consumer Products, Healthcare, Food and Beverage, High-Tech, Education and Non-Profit and U.S. and International Private Banking. IDB also operates a syndication desk that enables administration of complex transactions.
