PASADENA, Calif., September 01, 2021 (GLOBE NEWSWIRE) – Pasadena Private Finance, LLC (“PPF”) is pleased to announce the closing of a $ 30,000,000 senior credit facility with East West Bank, the largest large publicly traded bank headquartered in Southern California with expertise in lending to specialty finance companies.
The credit facility has a three-year maturity, is valued at LIBOR / SOFR + 3.25% and allows up to 65% prepayment on the PPF loan portfolio. The credit facility will allow PPF to increase its current portfolio and take advantage of favorable trends in the secured commercial loan market. As the government’s stimulus packages begin to wind down, there is a strong demand from lower-middle-market companies to access creative and flexible credit from responsive non-bank lenders like PPF.
Michael McAdams, CEO of PPF, said: “We are delighted to increase our ability to serve lower middle market businesses with this enhanced East West Bank credit facility. Our team’s decades of experience allows us to see ways to make good loans to good businesses run by established entrepreneurs.
Iain Whyte, President of PPF and Pasadena Private Holdings, the parent company of PPF added: do for our own borrowers. The fact that East West Bank is also located in our hometown of Pasadena is a wonderful bonus. “
Andrew Stein, Senior Managing Director and Head of Specialized Finance at East West Bank, said:. Our experience allows us to support emerging lenders with strong management teams and unique programs like PPF. “
About the Eastern West Bank
East West Bank provides financial services that help clients go further and connect to new opportunities. The bank is 100% owned by East West Bancorp, Inc., which has total assets of $ 59.9 billion and is listed on the Nasdaq Global Select Market under the symbol “EWBC”. East West Bank operates more than 120 locations in the United States and China. In the United States, East West Bank has branches in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, as well as representative offices in Beijing, Chongqing, Guangzhou and Xiamen. For more information on East West, visit www.eastwestbank.com.
About Pasadena Private Finance
Pasadena Private Finance, LLC is a Pasadena, Calif., Non-bank lender that provides $ 1-10 million in secured business loans to lower-middle market companies with EBITDA of $ 1-5 million. . PPF focuses on companies controlled by successful entrepreneurs looking to diversify their wealth, make an acquisition, buy out minority shareholders or finance their growth. Loans are made or arranged under a California Finance Lenders Law license number 60DBO-84931. PPF is not yet authorized to grant loans in all jurisdictions.