Halloran & Sage represented a regional bank in the documentation, negotiation and closing of 7 separate credit facilities, including mortgage loans, revolving lines of credit, term loans and letters of credit totaling $9,462,049.27 in the aggregate, which were made to several family-owned and affiliated Connecticut ambulance and limousine service companies. The proceeds of the credit facilities were used to refinance the existing indebtedness of the companies, and will also be used going forward to finance new vehicle acquisitions and as a source of working capital.
The credit facilities are secured by mortgages covering over 20 properties owned by the various entities throughout Connecticut, security interests in all business assets of the companies (including all ambulances and limousines), and equity pledges from the principals of the companies. The transactions led by business law partner Robert Cox and attorney Matthew L. Teich also required accommodating existing financing of the companies’ Employee Stock Ownership Plan, which was subordinate to the People’s United Bank financing.