Freedom Truck Finance LLC, a secondary truck and trailer finance company, has entered into a new $200 million senior secured credit facility with Deutsche Bank, according to an announcement.
Transaction proceeds were used to repay the company’s existing senior revolving credit facility and will be used to fund new portfolio growth. The new loan agreement streamlines and increases the company’s capital structure and will result in a favorable reduction to the company’s cost of funds, Freedom Truck Finance says.
“Freedom has always enjoyed great relationships with our lending partners and we are excited to lock arms with the team at Deutsche Bank. This new facility enhances our ability to provide competitive lending solutions to truck and trailer dealers all over the country who serve the independent owner operator,” says David Leventhal, Freedom Truck Finance president.
With the goal of transforming the trucking industry through technology-driven systems, lending services and relationship-based customer service, Freedom Truck Finance is now positioned for the next several years of originations, the company says.
Stephens Inc. served as exclusive financial advisor to Freedom Truck Finance LLC.
