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."