Sallyport Commercial Finance provided a $10 million financing package covering accounts receivable, inventory and real estate to an oil and gas company.
Investment banking partners of Sallyport referred the client to Sallyport. The investment banking partners needed a reliable lender in order to close the deal for the client quickly.
Sallyport took the lead with other lenders in the equipment, inventory and real estate arenas to drive the deal to fruition. The suite of working capital and term loans freed up capital for the client to pay off a former parent company and enable its exit from its bank.
“Sallyport, with their account receivable lending expertise, took the lead amongst four other lenders — real estate, equipment and inventory — and provided a full suite of term and working capital credit availability,” Jay Krasoff, one of the investment banking partners, said. “Sallyport management worked in a very tight framework of around 28 days to get the facility closed. It was great working with Sallyport on closing over $35 million of credit.”
“Sallyport committed and closed under a very short timetable an essential portion of capital needed for the successful exit financing of a company in an out-of-favor industry,” Tom Bell, another one of the investment banking partners, said.
“We were able to come up with a creative solution to get the company where they needed to be,” Wade Concienne, vice president of Sallyport Commercial Finance, said. “None of this would have been possible without the help from the turnaround group and participating lenders and their collaboration. I am excited to watch the client grow.”
