Access Capital Provides Term Loan to Portable Heating Wholesaler
Access Capital announced it closed a $1.5 three-year term loan to a wholesaler and e-retailer of portable heating, portable cooling, air purifying units and vacuum products and parts.
The company sought new financing to replace its existing loan with a local U.S. bank that was collateralized by a standby letter of credit. Access Capital provided the term loan facility to satisfy the bank debt, which is secured by a similar standby of credit. Access Capital is also in the process of establishing a working capital line for the company in 2014 based on certain performance metrics.
The borrower’s parent, based in Canada, has a U.S. subsidiary that sells to domestic online retailers, large hardware and big box stores.