Company News
Bank of America Business Capital Provides $25 Million Asset-Based Loan to Cobalt Finance LLC
GLASTONBURY, CT (August 29, 2005) – Bank of America Business Capital, one of the world’s largest asset-based lenders, announced today that it has provided a $25 million revolving loan to Cobalt Finance LLC, a leading independent direct lender that finances used commercial trucks and trailers nationwide. The asset-based loan will be used to refinance existing debt and provide for ongoing expansion. Bank of America will also provide cash management products and services.
“The loan from Bank of America Business Capital provides us with the financial flexibility to continue to grow our portfolio and expand geographically,” according to Cobalt president Jason Rush. “This capital will allow us to maintain our high level of customer service to the dealerships we work with and the owner-operators we finance.”
“With our knowledge of the truck finance business, we were able to reduce the client’s borrowing costs and offer a longer term credit facility,” said Bank of America Business Capital president Joyce White. “We also gave Cobalt access to a full range of treasury management services.”
With locations in Scottsdale, AZ and Deerfield, IL, Cobalt Finance LLC (www.cobaltfinance.com) originates finance and lease contracts for commercial trucks and trailers to independent owner-operators and small trucking companies. Cobalt Finance currently operates in 30 states.
Bank of America Business Capital is one of the world’s largest asset-based lenders, with 20 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate, precious metals and foreign exchange risk management, and a broad array of capital markets products. Visit www.bofa.com/businesscapitalnews for more information.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 13 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.