Santander Bank Leads $25 Million Deal with Horizon Group
BOSTON, Feb. 18, 2020 /PRNewswire/ -- Santander Bank today announced that its Commercial Banking division closed a $25 million term-loan facility on behalf of Horizon Group USA. Santander acted as sole lead arranger for the transaction. Horizon Group, headquartered in Warren, New Jersey, is a craft and toy supplier with a customer base that includes major retail chains such as Walmart, Target, Costco, Amazon and Michaels. The financing will help Horizon Group monetize the significant growth in its value over the past few years.
"The collaboration between the asset-based lending, middle market and capital markets groups, as well as key ancillary platforms, including derivatives and cash management, exemplifies our ability to support our clients' needs by focusing on integrated corporate finance solutions rather than individual products and services," said Paul Cronin, Head of Asset Based Lending at Santander Bank. "We look forward to supporting Horizon Group's continued successes by always understanding the client's needs, leveraging our offerings and providing prudent advice."
Horizon Group's original roots date back to 1912 as a supplier to the decorative trim markets just outside of New York City. In 2003, Horizon transformed to steadily evolve as the leader across many of the creative craft activity and impulse markets. The firm employs 420 people and its products reach consumers in the U.S. and more than 24 countries across the globe.
"Since beginning our relationship with Santander in 2014, we've relied on the team to provide sound advice and innovative solutions to help us meet our financial goals," said Jeff Snyderman, Executive Vice President and Chief Financial Officer of Horizon Group. "This term loan facility will enable Horizon Group to further invest in and scale our business."
Santander Bank, N.A. is one of the country's largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital and grow their businesses domestically and internationally. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.
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SOURCE Santander Bank
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