Daily News: August 18, 2014

Utica Leaseco Completes Refi

Utica Leaseco announced the completion of a refinance and secured loan transaction in the amount of $4.1 million during the first week of August 2014.

Utica closed and funded the refinance and secured loan for a steel stud manufacturer that specializes in high-quality light gage steel framing products. Utica was able to provide the needed working capital by unlocking the equity that existed in the company’s manufacturing and steel processing equipment.

Utica worked closely with the Montgomery, AL-headquartered company and its management team and was able to close the needed funding on an expedited basis. Utica relied on the company’s equipment as the sole collateral for the transaction.