Lighthouse Financial completed a $3.67 million credit facility to a North Carolina based manufacturer of metal, tubular products. The company was originally set up to produce diesel injection lines and has since expanded to produce a full range of industrial products, supplying tubing solutions to some of the world’s largest blue chip companies for more than three decades.
The parent company for this borrower filed for bankruptcy protection in the UK, leading to its purchase by a new investment firm earlier in the year. Lighthouse was asked to refinance the original bank debt remaining after the purchase. A $2.5 million line of credit, a $625,000 term loan and a $550,000 mortgage were utilized to complete the transaction. Lighthouse’s credit facilities not only paid back the prior lender, but provided additional liquidity to support the company’s working capital needs.
