BankBoston Corp.'s new high-yield finance group, Back Bay Capital LLC, has completed its first two financings, worth a combined $23 million.
The group, formed this year, underwrote a $10 million term loan for Factory Card Outlet, a chain of party supply stores based in Naperville, Ill., and a $13 million revolving credit facility for Texfi Industries, a New York-based textile maker.
Back Bay is promising clients that it will issue commitments "within one to two weeks" as part of an effort to distinguish itself in the marketplace. It will also offer loans available to institutional investors.
BankBoston has sponsored Back Bay with $100 million in capital.
Heading the group are BankBoston veterans Edward J. Siskin, who has been named Back Bay's president, and Ward K. Mooney, named chief operating officer. Both continue in their positions as principals of BankBoston Retail Finance Inc.
The group was formed to meet the growing need for alternative types of financing, Mr. Siskin said in a statement announcing the start-up.
Back Bay specializes in transitional finance for expansion, management buyout, and acquisition or turnaround strategy.
"Transitional capital is a valuable tool in a company's successful evolution." Mr. Siskin said in the statement. "Clients who come to Back Bay Capital will have access to the creative financing sure to become the company's trademark."