Daily News: December 7, 2017

Essex Closes $14.99MM Facility for Two U.S. Packing Houses

Essex Capital Group arranged a $14.99 million term debt capital raise for two affiliated vegetable packing houses located in the Southeastern U.S.

The new loan facilities allowed the company to consolidate its debt structure at low rates while extending amortization and lowering monthly debt service. Additional working capital was generated from the recapitalization.

Rob Swain, Essex president, said, “The company had grown using financing from a number of lenders whose covenants and cost of funds created a roadblock to further growth. We were pleased to arrange a one-stop financing solution that substantially reduced debt service while providing working capital to support a projected record upcoming year.”