Daily News: September 9, 2014

MidCap Provides ABL to Anthem Leather

MidCap Business Credit announced it completed a $4 million ABL to Anthem Leather. In addition to refinancing the previous lender, proceeds will be used to support working capital requirements.

The revolving line of credit is comprised of a $3.45 million revolver with advances against the company’s receivables and inventory and a $550,000 term loan. The opportunity was sourced out of MidCap’s office in Atlanta.

MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.

High Point, NC- headquartered Anthem Leather is an importer and distributor of furniture grade leather.