Daily News: October 8, 2013

Access Capital Provides Facility to Intl Transportation Company

Access Capital provided a line of $2.5 credit facility to an international transportation services company based in New Jersey with locations in Hong Kong and California as well as affiliates in Shanghai and Macau, China.

The company sought to replace its existing credit facility secured in 2009 with a cargo financier. It had increased its reliance on this line as the company and its affiliates experienced rapid revenue growth. Eventually, the company was borrowing close to the cargo financier’s funding limit which, in conjunction with the expensive cost of funds, caused the company to seek a new source of financing. Access Capital’s credit facility replaced the existing one at more attractive pricing and with the flexibility the company will require during its high-volume seasons.

The new borrower provides ocean and air freight forwarding and direct ocean transportation for cargo shipped between Asia and the United States.