Daily News: October 1, 2013

Amerisource Announces $1MM A/R Factoring Facility Closing

Amerisource announced the closing and funding of a $1 million A/R factoring facility for an IT and administrative staffing agency based in Arizona.

The company had been financed by the ABL division of a large bank, but its borrowings were no longer large enough for the bank to maintain, so the bank brought in Amerisource as a low-cost alternative.

Amerisource quickly structured a high advance rate facility, which allowed additional working capital for the company after the bank debt was refinanced.