Daily News: January 13, 2015

Siena Completes Smedley Facility

Siena Lending Group completed a $3 million revolver for The Smedley Company. The facility was used to refinance Smedley’s existing credit facility and will be used for working capital needs.

David Grende, president and CEO of Siena Lending Group, said, “We are excited to be able to provide financing to a company that has such firm roots in the New England area and to be associated with such a fine family.”

Thomas Demchak, CFO of Smedley, said, “Billy Palmer and I really appreciate the effort and professionalism demonstrated by Siena in closing this transaction. We both believe this transaction is a key cornerstone to the future success of The Smedley Company.”

Branford, CT-headquartered Smedley, established in 1860, is engaged in heavy hauling, rigging, and crane rentals to a customer base in New England and New York.