Woodforest Commercial Banking, a division of Woodforest National Bank, has led a $60 million senior credit facility for Avmont LLC, an Atlanta-based asset manager specializing in purchasing whole-life insurance policies from individuals and managing pools of these assets for third-party investors. Woodforest Commercial Banking served as administrative agent and lead arranger for this transaction.
THE WOODLANDS, Texas, Sept. 11, 2018 /PRNewswire/ — Woodforest Commercial Banking, a division of Woodforest National Bank, announced it recently led a new $60 million senior secured credit facility for a private investment fund focused on investing in pools of whole life insurance policies. The financing includes a $60 million line of credit to support continued growth and asset acquisition opportunities.
Avmont, LLC, based in Atlanta, GA, is an asset manager specializing in purchasing whole-life insurance policies from individuals and managing pools of these assets for third party investors. The company primarily purchases policies from qualified individuals with the goal of providing over-insured individuals a source of liquidity for otherwise illiquid assets which they no longer need.
“Woodforest has developed a strong and ongoing relationship with Avmont management and the private equity ownership group. The team is highly experienced and top notch in its execution and strategic direction. This oversubscribed facility was another positive step forward between our teams. We look forward to a long lasting, mutually beneficial, relationship with Avmont and their ownership team,” said John Ellis, Senior Vice President and head of Woodforest Commercial Banking Syndications.
William Ketterer, Chief Investment Officer for Avmont added, “Avmont and its investors are excited to be expanding our relationship with Woodforest. The guidance that Woodforest Bank gave us throughout the syndication process was best in class. We look forward to continuing to work with the Woodforest team in the future.”
Woodforest Commercial Banking served as Administrative Agent and Lead Arranger for this transaction.
ABOUT WOODFOREST COMMERCIAL BANKING
Woodforest Commercial Banking is a division of Woodforest National Bank that focuses on the needs of middle market companies by offering targeted solutions that can reduce risk, create efficiency, and add value for our clients. Woodforest National Bank has a network of more than 700 branches in 17 states and commercial banking offices in California, Florida, North Carolina, and Texas. For more information about Woodforest Commercial Banking please visit commercial.woodforest.com.