Daily News: January 31, 2018

Blue Hills Provides New ABL Facility to Magnus Textile


Blue Hills Bank closed a new senior credit facility with Magnus Textile, a Chelmsford, MA-headquartered importer and distributor of specialized textile products

The senior credit facility provided by Blue Hills Bank’s Asset-Based Lending Group is intended to support the significant growth expectations and working capital needs of the company. Blue Hills Bank senior vice presidents Keith Broyles and Yvonne Kizner worked with Magnus Textile to create a structure that provided the company with the capital they need to grow their business.

“Our objective was to find an asset-based lender that was not just a lender but a partner,” said Magnus Textile’s CEO and founder, Dev Ramasubbu. “And all our dealings with Keith, Yvonne, and the ABL team convinced us that we have found that partner in Blue Hills Bank. We are excited to grow Magnus Textile with their support.”