Valley Bank’s New York City Commercial Banking Team Closes $150 Million Syndicated Credit Facility to a Premier New York -Based Finance Company
April 02 2024 - 9:00AM
Business Wire
Valley National Bank, the wholly-owned subsidiary of Valley
National Bancorp (NASDAQ:VLY), announced today that their New York
City Commercial Banking Team closed a $150 million senior revolving
credit facility for a premier New York -based finance company. The
three-year facility includes a $40 million accordion feature. The
recipient of the loan provides accounts receivable and factoring
services. Valley is the Administrative Agent and Sole Bookrunner
for the deal. The deal closed in conjunction with Valley’s
Syndications Team which supports the bank nationwide. Hovde Group
advised on the transaction.
“Leveraging Valley Bank’s expertise in the Lender Finance arena
allowed our team to provide a bespoke solution affording our client
operational flexibility. The structure also ensures meaningful
runway for our client to continue building their legacy for many
years to come,” commented Douglas J. Meyer, Regional President of
New York City Commercial Banking at Valley Bank. “I’m proud of the
dedication our New York City bankers continue to demonstrate. This
focus has led to several capstone transactions highlighting
Valley’s capabilities as both a relationship bank and trusted
advisor. This is indicative of the strategy Valley has put in place
to grow our Commercial Banking business activities across the
firm.”
About Valley
As the principal subsidiary of Valley National Bancorp, Valley
National Bank is a regional bank with nearly $61 billion in assets.
Valley is committed to giving people and businesses the power to
succeed. Valley operates many convenient branch locations and
commercial banking offices across New Jersey, New York, Florida,
Alabama, California, and Illinois, and is committed to providing
the most convenient service, the latest innovations and an
experienced and knowledgeable team dedicated to meeting customer
needs. Helping communities grow and prosper is the heart of
Valley’s corporate citizenship philosophy. To learn more about
Valley, go to www.valley.com or call our Customer Care Center at
800-522-4100.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402486932/en/
Pam Golden (973) 564 - 8591 pam@glapr.com
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