Vinfen will acquire or make capital improvements to approximately 76 program facilities
Residents of Massachusetts and Connecticut will have increased access to community-based human services thanks to a recent financing arrangement between Vinfen Corporation and TD Bank, America's Most Convenient Bank®.
TD Bank's Education, Not-for-Profit and Government Finance Group recently provided a $42.9 million tax-exempt, direct bond purchase, a $4.77 million term loan and $12 million in lines of credit for Vinfen, a not-for-profit organization that is one of the largest human services providers in New England. The bond proceeds provide funding for the organization to acquire and renovate or make capital improvements to approximately 76 facilities and refinance existing debt at lower rates.
Founded in 1977, Vinfen is a leading provider of community-based services for individuals with psychiatric conditions, intellectual and developmental disabilities, traumatic brain injuries and behavioral health challenges.
Along with refinancing existing debt at more favorable rates, Vinfen Corporation plans to use a portion of the bond proceeds to acquire and develop properties to transform them into fully-accessible group homes and also to fund planned capital improvements to existing client residences and support facilities throughout Eastern Massachusetts and Connecticut.
"TD Bank is pleased to work with an organization that aligns with our values of supporting access to important human services within our communities, especially for typically underserved populations," said Aubrey Theall, Commercial Lending Senior Relationship Manager, TD Bank. "We are glad the financing TD provided will enable Vinfen Corporation to offer enhanced services to the thousands of clients it helps each year."
Vinfen also provides a wide range of evidence-based programs in recovery, supported living, habilitation, education, employment, clinical and peer support to the populations it serves. Vinfen has more than 450 locations in Massachusetts and Connecticut, more than 3,200 employees and serves 10,000 people each year.
“We were extremely pleased with TD's negotiations and assistance for our financing, and we are off to a great start working together in our banking relationship," said Bruce Bird, President and CEO of Vinfen Corporation. "It's clear TD Bank shares our values and will have other significant opportunities in our sector.”
TD is committed to driving positive change that enriches the lives of our customers and communities across the diverse areas we serve. TD recently launched The Ready Commitment, which targets $1 billion by 2030 to maximize our impact by increasing financial security, elevating the quality of our environment, creating opportunities for everyone to participate in their communities and supporting more equitable health outcomes for all, in order to ensure that our communities, like us, are ready for the future.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Shari Rosen, APR
Corporate Communications Manager I – Small Business/Commercial