Daily News: October 15, 2012

GemCap Provides $10MM DIP Revolver to Valence Technology


GemCap announced a $10 million debtor-in-possession (DIP) revolver to Valence Technology, Inc., a provider in the development of safe lithium phosphate materials, intelligent lithium phosphate packs and large-format family of lithium phosphate rechargeable batteries.

The credit facility will allow the company to continue providing its goods and services to its customers without impediment.

“Our background with inventory, business operations, and foreign imports gave GemCap a unique ability to create solutions for Valence,” said David Ellis, co-president of GemCap. “Valence Technology is a market leader and we are excited to work with Valence during this transition.”

GemCap is an asset-based lender specializing in inventory, equipment and accounts receivable loans from $500,000 to $10 million.

Previously on abfjournal.com:

Valence Technology Secures $10 Million DIP Credit Facility, Friday, September 14, 2012