Daily News: February 25, 2015

GemCap Funds Foundry Facility

GemCap funded a $9 million loan facility to an Iowa-based iron casting foundry, the facility is secured by A/R, inventory, machinery and equipment.

In its capacity as chief restructuring officer, Huron Consulting Group selected GemCap to replace their client’s existing credit facility and to maximize its borrowing availability.

“We set a very aggressive schedule for diligence and documentation, which GemCap met. The GemCap team provided the speed, focus and flexibility to help meet our client’s turnaround needs,” said John Owens, director at Huron Consulting Group.

“We are pleased to have assisted Huron Consulting Group, by providing its client with a long term asset based financing solution that will provide the company with increased working capital and flexibility during a period of renewed growth and restructuring.” said Jim Thieken, EVP at GemCap.