NewStar Provides Facilities to Wafer Reclaim Services
NewStar Business Credit announced that it provided credit facilities totaling $8.5 million to Wafer Reclaim Services (WRS). The credit facilities consist of a revolving line of credit and term loan with a senior secured stretch component. The proceeds of the financing will be used to repay existing, higher cost debt and support future growth.
Headquartered in San Jose, CA, WRS provides a range of specialized services related to the reclamation, oxidation, grinding and polishing of silicon wafers used in the fabrication of semiconductors and integrated circuits.
“We were searching for an opportunity to reduce our overall debt expense with a financing structure that also supported our business objectives. Newstar was one of the few lenders able to put together a bundle of loans, including a stretch piece, at attractive pricing that enabled us to fulfill our refinancing objectives. We look forward to building a strong relationship with NewStar as we continue to grow our business,” said Dave Griffeth, CFO of WRS.
“We were pleased to have the opportunity to work with WRS to meet their unique financing objectives and to further expand our presence on the West Coast,” said Milton Iskra, national marketing manager. NewStar’s Mike Williams, an SVP located in company’s Chicago office, originated the transaction.