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Loeb & Loeb represented Axos Bank, a technology-driven bank and financial services company, in connection with the negotiation and execution of a hybrid credit facility for a later-stage private credit fund.
The credit facility includes both a subscription borrowing base and an asset-based lending (ABL) borrowing base, combining a flat advance on uncalled capital mixed with a structured advance rate on assets. This structure enabled the fund to gain excess borrowing capacity. Hybrid credit facilities are increasing in popularity in the fund finance market. They unlock additional financing for funds that have called the majority of their uncalled capital from investors by providing additional collateral to lenders.
Loeb has one of the premiere lender-side fund finance practices in the U.S., and has closed several hybrid credit facilities in recent months.
The Loeb team was led by Finance partner Peter Beardsley and included associate Nate Minott and paralegal Shu Crittenden.
The credit facility includes both a subscription borrowing base and an asset-based lending (ABL) borrowing base, combining a flat advance on uncalled capital mixed with a structured advance rate on assets. This structure enabled the fund to gain excess borrowing capacity. Hybrid credit facilities are increasing in popularity in the fund finance market. They unlock additional financing for funds that have called the majority of their uncalled capital from investors by providing additional collateral to lenders.
Loeb has one of the premiere lender-side fund finance practices in the U.S., and has closed several hybrid credit facilities in recent months.
The Loeb team was led by Finance partner Peter Beardsley and included associate Nate Minott and paralegal Shu Crittenden.
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Associate -
Paralegal