Utica Completes Three-Way Participation Loan
Utica Leaseco announced completion of a three-way participation senior secured loan transaction during the first week of November 2014. Utica’s portion was $4 million. Utica worked closely with two other participants to provide a total of $12 million dollars in funding for the company.
Utica and its partners closed/funded the secured loan for a major scrap processing company headquartered in the Chicago area. The group was able to provide the needed working capital by unlocking the equity that existed in the company’s scrap processing and rolling stock equipment.
The funding group also worked closely with the borrower, their management team and their advisors and was able to close the loan on an expedited basis. Utica and its partners relied on the company’s equipment as the primary collateral for the transaction.