Capital One Closes $35 Million Credit Facility for MacStadium
Capital One announced a $35 million, five-year revolving line of credit for MacStadium. The company is using the revolver to fund the purchase of new equipment and fuel additional growth.
Bethesda, MD (January 15, 2019) – Capital One announced today that it served as Administrative Agent and Joint Lead Arranger on a $35 million, five-year revolving line of credit for MacStadium, which provides dedicated Mac infrastructure-as-a-service for development teams building apps in the Apple ecosystem. The company is using the revolver to fund the purchase of new equipment and fuel additional growth.
MacStadium is widely regarded as the leading provider of enterprise-class Apple Mac infrastructure, providing scalable, reliable, and secure private clouds and dedicated servers to iOS developers, mobile testing teams, and DevOps engineers around the world. During a recent keynote to announce new Mac hardware, Apple recognized MacStadium for empowering the development of some of the world’s most popular apps. Capital One is a customer of MacStadium along with over 3,000 other companies including industry giants such as Google and Facebook as well as innovators like Shopify, Box, and Travis CI.
“The Capital One team worked closely with us to understand our financing requirements,” said Michael Landreth, MacStadium’s CFO. “As an Infrastructure-as-a-Service provider, we have a unique need for a high volume of computer, networking, and storage equipment. As true experts in the technology industry, Capital One understood our business model and was able to create a flexible financing solution to support our aggressive growth plans.”
“We were happy to work with the MacStadium team to provide a longer-term, more economical approach to funding their capital expenditures,” said Michael Rhea, Managing Director for Capital One’s TMT lending platform.
Capital One's TMT business provides financing for corporate growth, mergers and acquisitions, balance sheet refinancings and recapitalizations to companies across TMT sectors. These sectors include application and infrastructure software; financial technology; cable, radio and television broadcasting; business information services and data analytics; educational media and services; entertainment media; and communications infrastructure. The TMT business also provides a full range of other services including loan syndication, treasury management, capital market products, and institutional asset management.
The TMT team, which works with businesses throughout the country, consists of seasoned relationships managers, industry experts, and a dedicated and centralized underwriting team to ensure speed and certainty of execution.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $247.2 billion in deposits and $362.9 billion in total assets as of September 30, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.