Daily News: June 3, 2014

Utica Leasco Closes Senior Secured Loan

Utica Leaseco announced the completion of a senior secured loan transaction in the amount of $4.15 million during the last week of May 2014.

Utica closed and funded the loan for a completely integrated precision manufacturing company headquartered in Western Massachusetts. The operation primarily serves the defense, aerospace and nuclear industries.

Utica was able to provide the needed working capital by unlocking the equity that existed in the company’s machine tools and ancillary equipment. Utica worked closely with the company, its management team and advisors to close the needed funding on an expedited basis. Utica relied on the company’s equipment as the sole collateral for the transaction.