Daily News: January 3, 2014

TAB Bank Closes Two Facilities Totaling $6.5MM

TAB Bank announced the closing of two transactions during the final week of December totaling $6.5 million.

The first transaction was closed with an automotive parts manufacturer located in the upper Midwest. TAB provided a $5 million asset-based credit facility to the company based on accounts receivable and inventory. The company produces aluminum die cast power train components used in various engine, transmission, and driveline-related applications, including covers, brackets, and manifolds.

The new credit facility is made available through a multi-year agreement and was put in place to support the acquisition of the company under a leveraged buyout as well as provide for ongoing working capital needs.

The second transaction was closed with a transportation company located in California. TAB provided a $1.5 million revolving credit facility to the company based on accounts receivable. The company has two entities specializing in milk and juice transportation and fuel transportation respectively. The revolving line of credit will be used for the company’s general working capital needs.