NewStar Provides $11MM in Facilities to Rainbow Play Systems
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, announced that it provided credit facilities totaling $11 million to Rainbow Play Systems and affiliated companies. The facilities consist of a revolving line of credit and two fully secured term loans.
Proceeds will be used to refinance existing debt and provide ongoing working capital.
“Rainbow appreciates the time NewStar took to understand our business. We look forward to a bright future with them. On behalf of the entire Rainbow team, we would like to thank NewStar for their financial support and partnership,” Greg Foster, CEO & owner of Rainbow.
“We were pleased to have the opportunity to work with Rainbow to meet their unique financing objectives and to further expand our presence in the Mid-West,” said Milton Iskra, national marketing manager.
Mike Williams, an SVP located in NewStar’s Chicago office, originated the transaction.
Brookings, SD-headquartered Rainbow is a manufacturer of children’s wooden outdoor playscapes.