Lisle, IL Engs Commercial Finance ( ENGS ) announced today that it has closed a $100MM securitization warehouse facility with the Bank of Montreal ( BMO ) as Lender and BMO Capital Markets Corp. as Agent. This facility adds incremental liquidity to ENGS existing $455 million credit facility, and further supports the growth initiatives at ENGS.
Scott Franklin, Senior Vice President of Capital Markets at ENGS, stated, The Bank of Montreal has been an important partner to ENGS for more than five years and we are pleased that the relationship is continuing to expand. BMO has been with us from the very beginning as we have grown ENGS from $100MM in assets in 2012 to over $600MM in assets today. This warehouse facility provides additional cost efficient
capacity to aggregate assets which will ultimately be sold into the term securitization market, a key component to our overall capital markets strategy.
Dan McNamara, Head of Financial Institutions Investment and Corporate Banking for BMO Capital Markets added, We are excited to provide ABS warehousing capacity to ENGS as part of our growing relationship and support ENGS in its growth plans by facilitating access to efficient sources of capital.
ABOUT ENGS COMMERCIAL FINANCE: ENGS is a 65-year-old commercial finance company providing financial solutions to the Transportation, Industrial and Construction equipment markets. In addition, ENGS also provides a suite of services to these markets, including Insurance and Factoring (working capital). In 2016 ENGS was recognized by Monitor magazine as the 5th largest independent finance company in the U.S.
ABOUT BMO CAPITAL MARKETS: BMO Capital Markets is a leading, full-service North American-based financial services provider offering corporate, institutional and government clients access to a complete range of products and services. These include equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. With approximately 2,400 professionals in 30 locations around the world, including 16 offices in North America, BMO Capital Markets works proactively with clients to provide innovative and integrated financial solutions.
BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$532.1 billion total assets and over 45,000 employees as at January 31, 2017. For more information, visit www.bmocm.com