Valley National Bank provides US$150m credit facility to a receivables finance firm

Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, announced today that their New York City commercial banking team closed a US$150m senior revolving credit facility for a premier New York - based finance company. The three-year facility includes a US$40m accordion feature. The recipient of the loan provides accounts receivable and factoring services. Valley is the Administrative Agent and Sole Bookrunner for the deal. The deal closed in conjunction with Valley’s syndications team which supports the bank nationwide. Hovde Group advised on the transaction.