AloStar Provides $15MM in Deal with Lakeland Industries
Lakeland Industries, a global manufacturer of industrial protective clothing for industry, municipalities, healthcare and first responders, announced the completion of financing transactions that combined a three-year $15 million senior credit facility with AloStar Business Credit, and a $3.5 million subordinated term loan, together with a warrant for common stock, with LKL Investments, an affiliate of Arenel Capital, a private equity fund.
Andy McGhee, president of AloStar Business Credit said, “We are pleased to support Lakeland Industries as they restructure in order to move forward.”
The proceeds were used to fully repay the company’s former financing facility with TD Bank in the amount of approximately $13.7 million. Also repaid at closing was the warehouse loan in Canada with a balance of C$1.362 million (approximately US$1.32 million), payable to Business Development Bank of Canada.