Rosenthal Completes Eloquence Debt Refi
Eloquence completed a debt refinancing of approximately $21.1 million through a refinancing transaction with Rosenthal & Rosenthal. The new loan facilities, consisting of a revolver and gold lease, will be used to fund working capital and to refinance the company’s debt with its former lender.
Daroth Capital Advisors acted as the exclusive financial advisor and placement agent for Eloquence in the transaction.
“Financing diamond and jewelry companies has become more difficult in the current environment of Dodd Frank regulations, enhanced compliance concerns and a dearth of banks lending to this industry. Daroth successfully overcame these challenges with its creative approach,” commented Richard Werdiger of Eloquence.
Eloquence, dba MWI Eloquence, was established in 1954 and initially operated exclusively in the industrial diamond business. In 1974, the company branched into the gem diamond business. Since that time through new business developments, alliances and acquisitions, Eloquence has grown into a diamond and jewelry business group.