Daily News: March 17, 2015

Siena Lending Closes Wayne Bailey Facility

Siena Lending Group announced the completion of an $8 million revolving credit facility for Wayne Bailey. The facility will be used to support on-going working capital needs.

Siena, with the assistance of Michael McCauley, senior managing director & shareholder of Phoenix Management Services, was working with Wayne Bailey and its management team for over eighteen-months. During this period, Wayne Bailey significantly improved its operating results and liquidity, as well as right-sized its overall capital structure which will allow them continued profitability.

David Grende, president and CEO of Siena Lending Group, said, “We are pleased to be able to bring the final piece of the capital structure to a successful completion. Working with the management team and Phoenix for over eighteen months we have shown our endurance in trying to complete a transaction. Along the way there were many bumps in the road, and twists and turns, but everyone stayed the course with a common goal in mind. We are proud to be able to add this business into our diverse portfolio of financing opportunities”.

Chadbourn, NC-based Wayne Bailey is a fourth-generation, family-owned producer of sweet potatoes.