SALT LAKE CITY--(BUSINESS WIRE)--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.
“On behalf of AB Private Credit Investors and AllianceBernstein, we are appreciative of WebBank’s support of our business, and we look forward to continuing to build this relationship in the future,” said Wes Raper, Chief Operating Officer of AB Private Credit Investors. “Additionally, we are honored by the opportunity to expand our relationship with Synovus through this asset-based revolving credit facility.”
“We are proud to collaborate with WebBank, as our Structured Finance team continues to expand its offering of best-in-class consultative solutions to specialized lending platforms and the asset management community,” said Jonathan Rosen, CEO of the Specialty Finance Division of Synovus Bank.
“We are excited to further expand our footprint in providing leverage to credit funds through asset-based lending facilities and appreciate the opportunity to participate in this financing transaction in partnership with Synovus,” said Jason Lloyd, President of WebBank. “The financing underscores WebBank’s confidence in AB Private Credit Investors Corporation’s experience and ability to source, underwrite, structure and service private credit loans to middle market companies. It has been a pleasure to work closely with Synovus Bank’s Specialty Finance team on this transaction.”
About AB Private Credit Investors Corporation
AB Private Credit Investors Corporation (the “Fund”) is an externally managed, non-diversified, closed-end, management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser.
About Synovus Bank
Synovus Bank, a Georgia state-chartered bank and a member of the Federal Reserve System, is a wholly-owned subsidiary of Synovus Financial Corp. through which Synovus Financial Corp. conducts its banking operations. Synovus Bank provides commercial and retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking. Synovus Bank is positioned in markets in the Southeast, with 288 branches and 388 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $138 billion in consumer and commercial credit products. As “The Bank Behind the Brand®”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.