Daily News: March 22, 2013

North Mill Capital Funds Three Transactions Totaling $7.4MM


North Mill Capital announced the funding of $7.4 million in transactions. The deals include:

  • a $1.75 million credit facility to a Mid-Atlantic manufacturer and distributor of oxides and powders for coatings and thermal spray applications. The total credit facility is comprised of an accounts receivable and inventory revolving line of credit and a term loan. This refinancing allowed the company to repay its current bank debt in full and generate additional working capital;
  • a $5 million accounts receivable credit facility to a heavy equipment dealership located in New Jersey. The funds were used to refinance current bank debt and generate additional working capital; and
  • a $650,000 accounts receivable credit facility to a fabricator of precast concrete forms located in Pennsylvania. The company was in a turnaround stage with funds used to repay bank debt in full and provide working capital.