NewStar Business Credit Provides $12.5 Million to Mercury Plastics
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, Inc. announced that it has provided $12.5 million of senior secured financing to Mercury Plastics, a member of the Sigma Plastics group of companies. Mercury is a manufacturer of flexible packaging film used primarily in the food industry and is located in City of Industry, CA.
The credit facilities consisted of a revolving line of credit and a term loan, which will be used to meet working capital requirements and provide expansion capital to support growth.
“We are pleased to have the opportunity to refinance and support the growth of Mercury and continue to build a relationship with Sigma Plastics,” stated Milton Iskra, EVP and national marketing manager for NewStar Business Credit. John Rossi, an SVP in NewStar’s Boston office, originated the transaction.
NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle-market companies with credit requirements between $5 million and $25 million.