KBS Builders, a business of Star Equity Holdings, closed a $4 million revolving line of credit with KeyBank. KBS Builders intends to use the facility to meet its working capital requirements and execute its business plan.
“We are pleased to announce the closing of this credit facility with KeyBank,” David Noble, CFO of Star Equity Holdings, said. “Star remains focused on providing growth capital to its operating companies in addition to preserving available cash for acquisitions. Star’s holding company structure offers its operating companies the ability to manage their own working capital needs, and this LOC gives KBS that flexibility. Partnering with a national bank of KeyBank’s prestige is a testament to the strength of the KBS business today and the remarkable transformation we have achieved since acquiring it in September 2019.”
The line of credit has an April 30, 2025, maturity date, which can be extended based on fulfillment of certain terms and conditions. Borrowings under the line of credit will bear an interest rate of SOFR plus an applicable margin of 3.%.
