Daily News: October 17, 2016

Republic Business Credit Provides $6MM Facility to Shipyard

Republic Business Credit provided a shipyard with a $6 million working capital facility after Republic was approached by the company’s private equity sponsor.

Given the cyclical and large project nature of the shipyard industry, the company needed a flexible and covenant-free solution that leveraged its receivables during seasonal periods.

The facility also provided supplemental call facilities to smooth out cash flow to the business during the shipyard industry’s cyclical periods.

“Shipyards provide marine and defense skilled employment opportunities and maintain strong ties to the communities they operate,” said Stewart Chesters, CEO of Republic. “As a commercial finance company, we are excited to support businesses that represent their respective communities and support our national defense efforts. Our strong relationships with capital providers allow us to support their portfolio companies with flexible working capital facilities.”