Concord Financial Advisors served as exclusive financial advisor and arranged a $20 million asset-based facility for a provider of services and solutions for intelligent transportation systems in North America.
The company is a provider of services and solutions for intelligent transportation systems in North America. The company is a provider of stereoscopic capability and has a strong pipeline of new customers and projects. The company is well positioned for growth in FY24 and beyond with a strong customer base and substantial pipeline.
The company’s North American team sought a lender to capitalize the company with debt for tax and non-tax reasons. As a project-based company, it required a sufficient line of credit to fund operating needs and large multi-year projects, bridging the gap between upfront investments and project milestone payments.
Concord was able to help the team work through its options and find a lending partner. Concord drew on its experience to identify the most appropriate lenders, and promptly sourced attractive proposals on behalf of the company.
Concord introduced the company to a ABL progress billings lender because of its understanding of the complexities of structuring and documenting the loan and advances, its expertise in lending against progress billings and other asset categories in the United States and Canada and its scalable financing.
A $20 Million asset-based facility with the flexibility to support the company’s growth plans. This external funding allows the region to manage its own equity investments in the company, and provides financial resources using the company’s assets in the United States and Canada to meet its ongoing capital needs.
“When we started working with Tom Jones and the Concord Team, we hoped to leverage Concord’s broad nationwide network of financing resources to help us find the right financing partner,” Brian Tom and J. B. Kendrick, CFO and president of Concord, respectively, said in a joint statement. “Our situation was somewhat unique with the nature of our receivables, but the Concord team found a nationally recognized lender that specializes in advancing against milestone invoices and some bonded receivables. Concord was able to leverage their vast knowledge of the debt markets and procure a very attractive and creative deal structure under our particular circumstances. The Concord team was extremely responsive to all of our needs and did a fantastic job leading us step-by-step through the entire debt financing process, right up until the day of closing. Our deal closed much sooner than anticipated and we are very happy with our new lender and the results.”
