Hana Financial announced the refinancing of its existing senior secured credit facility. This refinancing allows for the issuance of up to $120 million of notes secured by Hana’s portfolio of factoring receivables arising from 120 factoring clients who, collectively, have more than 300,000 customers.

This transaction, which closed on June 24th, involved the issuance and sale of three classes of 2-year, floating-rate term notes totaling $80 million. The Class A2, Class B2 and Class C2 notes had ratings of A, BBB, and BB, respectively, by DBRS. Guggenheim Securities served as structuring and placement agent of the term notes. The transaction also allows for the issuance of up to $40 million of variable funding notes.

“This refinancing offers Hana Financial the ability to fund future portfolio originations as we take Hana into the next phase of its growth,” said Sunnie Kim, president and CEO of Hana Financial.

“This refinancing also provides Hana with a higher advance rate and more favorable terms, allowing Hana to meet its clients’ needs and to provide even more relevant product offerings in this competitive landscape. We are very pleased with the market’s positive response to this issuance.”

Founded in 1994, Hana Financial is a non-bank commercial financial institution which offers factoring, asset based lending, SBA lending, home mortgage banking, investment banking, wealth management and insurance services.

Los Angeles-based Hana Financial has offices in New York and Seattle and loan production offices in Colorado, Georgia, Maryland, Texas and Washington. With over $2 billion in total combined factoring and loan originations in 2014, Hana Financial is a top 10 factor and a top 35 SBA 7(a) lender in the country.