Canal Road Group Closes $250 Million Credit Facility with Wells Fargo for Private Corporate Lending Strategy
MIAMI, Oct. 15, 2024 /PRNewswire/ -- Canal Road has closed a new $250 million credit facility agented by Wells Fargo Bank, N.A. The financing increases the firm's investible capital to be deployed in the private corporate lending market. Canal Road's inaugural strategy predominantly targets 1st Lien and unitranche corporate loans for companies with EBITDA of $50 million or more in North America sourced largely from sponsors.
Canal Road Group commented, "We are excited to partner with a banking institution with a deep history and knowledge of the private corporate credit space. This lending relationship with Wells Fargo will help facilitate our next phase of growth as we expand on our already robust underwriting and origination efforts. We look forward to a long and mutually beneficial relationship with the bank and its outstanding corporate debt finance group."
ABOUT CANAL ROAD GROUP
Canal Road Group is an alternative asset manager specializing in originating, underwriting, and managing portfolios of senior secured corporate debt investments.
Canal Road Group's founders Don Young and Mike Damaso previously led CBAM Partners ("CBAM"), a $15 billion credit platform founded in 2016 and sold to Carlyle in Spring 2022. Mr. Young and Mr. Damaso are joined at Canal Road by a team of 14 CBAM alums. The firm is headquartered in Miami, Florida.
SOURCE Canal Road Group
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