Siena Closes ABL Facility for Universal Lubricants
Siena Lending Group announced the completion of a three-year, $25 million asset-based revolving credit facility for Universal Lubricants, a portfolio company of Pegasus Capital Advisors.
Universal Lubricants will utilize the facility to provide additional liquidity and capital resources to support the company’s growth and working capital requirements. Founded in 1929, Universal Lubricants is a driving force in used oil collection, base oil refining and distribution. Through its closed loop process, the company collects, re-refines, blends and re-distributes its own engine oils and lubricants ensuring that every quart is of the highest quality for optimal performance. Universal Lubricants operates 34 facilities nationally, including one of the world’s most technologically advanced re-refineries in Wichita, Kansas.
David Grende, president and CEO of Siena Lending Group, said “this transaction exhibits two of our core strengths. Flexibility to meet Universal’s requirements upfront and certainty of execution by delivering upon what we proposed initially”.
Randall Wilson, CFO of Universal, said, “We are delighted to have Siena as our financing partner and they delivered on what was proposed in an expeditious manner.”