NewStar Provides $15MM Facility to Dongbu Daewoo Electronics
NewStar Business Credit announced it provided a senior secured credit facility totaling $15 million to Dongbu Daewoo Electronics America, a wholly owned subsidiary of Dongbu Daewoo Electronics Korea.
Located in Doral, FL, Daewoo is the US distribution arm of its Korean parent company, which manufactures a range of household appliances, including washing machines, vacuum cleaners, microwave ovens, and refrigerators. The revolving line of credit will be used to support ongoing working capital needs and provide capital for growth.
“Daewoo was very pleased with NewStar and the professionalism of their team. It was a “win-win” for us both,” said Michele Yoon, controller of Daewoo.
“We were pleased to have this unique opportunity to support Daewoo’s financing requirements in the U.S. as we continue to expand our presence in the Southeast,” said NewStar EVP, Milton Iskra. NewStar’s Steve Brown, an SVP located in Atlanta, originated the transaction.