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BB&T Capital Markets Syndicated Finance announces the closing of a $57.5 million accordion to Main Street Capital Corporation’s Revolving Credit Facility. The accordion brings the total credit facility to $502.5 million with 14 banks participating in the credit. Main Street is a publicly traded business development company headquartered in Houston, TX. BB&T has a $75 million commitment to the facility as the Lead Arranger and Administrative Agent.Read More
BB&T Capital Markets announces the closing of $140 million in credit facilities for von Drehle Corporation. BB&T committed $67 million to the facilities as the Sole Lead Arranger and Administrative Agent. The purpose of the facilities was to refinance existing debt and provide capex financing.Read More
On February 27, 2014, Healthcare Realty Trust, Inc. closed a $200 million senior unsecured term loan facility that matures in five years. BB&T Capital Markets served as Co-Documentation Agent. The company used the loan proceeds to repay borrowing on its unsecured revolving credit facility. Teh loan bears interest at a rate equal to LIBOR plus a margin ranging from 1.00% to 1.95%, currently 1.45% based upon the company's unsecured debt ratings.Read More
Wesleyan Senior Living has a 117-year history of serving seniors in northeastern Ohio, including Cleveland and its western suburbs. WSL is the sole member of Wesleyan Senior Living Obligated Group, which includes Wesleyan Village and Wesleyan Meadows, Wesleyan Senior Living Foundation and Wesleyan Services Corporation. Collectively, WSL Obligated Group has approximately 223 independent living, 115 assisted living, and 154 skilled nursing units and serves more than 725 seniors throughout it operation, providing a range of senior-living and related services at its Wesleyan Village and Wesleyan Meadows campuses and in the broader community. Financing Process and Structure: BB&T has had a multiyear relationship with WSL, and has served as a resource to advise on a variety of initiatives including operating and financial performance improvement activities, strategic planning and board education, along with continued monitoring of WSL’s existing debt (and LOC ank relationship). With interest rate declines continuing through 2012-early 2013 and an upcoming LOC expiration on the Series 2004 VRDBs, BB&T worked with WSL to identify bank and bond refinancing alternatives for the Series 2004 Bonds as well as the outstanding construction and property acquisition loans. Bank financing was identified as the preferred alternative and BB&T assisted WSL with further exploration of bank financing options, focused on a targeted group of banks active in Ohio and providing senior living financing. Ultimately, BB&T worked with WSL to secure a commitment from Huntington Bank for the full refinancing request. Terms of the financing, incorporating a combination of tax-exempt and taxable debt, were attractive and included floating rate and synthetic fixed rate options, an 8-year put and 25-year amortization – WSL ultimately opted for a synthetic fixed rate through the put date and locked in a blended “all-in” cost of financing of 3.95 percent. BB&T also assisted WSL in coordinating the termination of an existing interest rate swap associated with the Series 2004 Bonds and entrance into new swaps with Huntington Bank to implement the synthetic fixed rate financing. Successful completion of the financing in June 2013 was an important achievement for WSL, enabling it to solidify its long-term capital structure (and financial position), with a new committed bank partner, at what proved to be historically low interest rates. It also validated the merits of the long-standing relationship between WSL and BB&T, which enabled WSL to move quickly to take advantage of favorable interest rates and successfully achieve its refinancing goal.Read More
On February 5, 2014, BB&T Capital Markets served as Co-Documentation Agent for Lexmark International's amended $500 million revolving credit facility. The facility was increased to $500 million from $350 million, and the maturity date was extended five years to February 5, 2019.
On December 30, 2013, BB&T Capital Markets closed a $50.2 million acquisition financing for Laurel Lake Retirement Community, Inc. The financing included a combination of direct bank financing (taxable and tax-exempt) and tax-exempt bond financing, consisting of $35.9 million of senior taxable bank debt, $9.6 million of senior tax-exempt bank debt, $2 million of tax-exempt subordinate fixed rate bonds and $2.7 million of tax-exempt subordinate adjustable rate bonds and blended “all-in” cost of financing of 5.42 percent. Proceeds of the financing were used to fund the acquisition of Laurel Lake by the Laurel Lake Retirement Community Foundation, Inc.Read More