BankBoston Provides $65 Million in Financing to Equilease Financial Services, Inc.BOSTON--(BUSINESS WIRE)--Sept. 7, 1999-- BankBoston today announced that it has provided $65 million in financing to Equilease Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. Headquartered in Wilton, Conn., Equilease, a wholly-owned subsidiary of EQ Corporation, acquires and leases equipment to small- to upper-market companies nationwide. The funds will provide liquidity and working capital for future company growth. The package is divided into two parts: the first is a $50 million conduit facility by BancBoston Robertson Stephens, the investment banking subsidiary of BankBoston; the second is a $15 million asset-based loan An asset-based loan is a loan, often for a short term, secured by a company's assets. Real estate, A/R, inventory, and equipment are typical assets used to back the loan. The loan may be backed by a single category of assets or some combination of assets, for instance, a by BankBoston Business Credit. "Equilease has a strong management team with extensive industry experience," said Thomas R. Sommerfield, division executive of BankBoston Business Credit. "We are pleased to help such a long-standing customer grow its business." "BankBoston and BancBoston Robertson Stephens have done an excellent job tailoring this financing package to our specific needs," said Alan S. Phillips, president of Equilease Financial Services, Inc. "The combination of the asset-based loan and the investment banking conduit allows us to maintain our unparalleled commitment to our clients." Equilease has provided lease financing to domestic and international companies since 1957. The company is a principal in all transactions, and all funding occurs though its securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. facility. The company is a member of the Equipment Leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
BankBoston Business Credit, a division of BankBoston, is one of the leading asset-based lenders in the country. The company operates 11 offices nationwide staffed by individuals who provide a wide range of industry expertise. BankBoston Business Credit offers working capital loans, long-term capital for expansion, turnaround financing, capital markets advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , global trade finance and cash management services. In 1998 the company underwrote more than $3.3 billion in financing to companies across the U.S., Canada and the U.K. BankBoston (NYSE NYSE See: New York Stock Exchange :BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), with assets of $75.7 billion and some 25,000 employees, is the nation's oldest commercial bank. BankBoston is engaged in consumer and business banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets. The Corporation's common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges. |
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