Daily News: December 3, 2013

Siena Lending Provides $10MM ABL for Temp-Tations

Siena Lending Group announced the completion of a three-year $10 million senior secured revolving credit facility for Temp-Tations. Proceeds will be used to pay down higher priced subordinated debt and to support working capital requirements.

David Grende, president and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset-based facility to Temp-Tations allowing them to focus on their business model while providing the company with the opportunity to pay down higher priced debt.”

Steven Wolf, Temp-Tations’ CFO, said, “Siena Lending Group provided flexible financing which fit the needs of the company perfectly. The new partnership will allow the company to meet its ambitious growth plans for the future as well as facilitate the company’s ability to pay down more expensive unsecured debt. I look forward to working with Dave Grende and his team, who closed the loan quickly and efficiently. They are true professionals.”

Exton, PA-headquartered Temp-Tations designs, markets and sells ceramic, ovenware, linens, tabletop accessories, dinnerware, cookbooks, recipe cards, stainless flatware and other related kitchen accessories.