CIT Group‘s asset-based lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home, a retailer of farm and home improvement supplies.
The new credit facility, which replaces and extends an existing facility, will be used for growth and general corporate purposes. CIT also provided the company with a package of treasury management services.
“This expanded credit facility comes at the right time as we continue to advance our strategic initiatives,” Mark Riebe, CFO of Orscheln Farm and Home, said. “We appreciated CIT’s agility and willingness to make this financing come together.”
“This transaction highlights CIT’s expertise and leadership in providing asset-based financing solutions that offer increased flexibility and lower funding costs while supporting the working capital and strategic needs of our customers,” David Harnisch, president of commercial finance for CIT, said. “CIT has a long legacy and reputation as a seasoned asset-based lender and we intend to continue expanding this part of our business.”
“We’re pleased to support Orscheln Farm & Home with this asset-based credit facility and look forward to continuing to work with them as their business grows,” Chris Esposito, managing director of asset-based lending for CIT, said.
Headquartered in Moberly, MO, Orscheln Farm and Home operates 167 stores selling livestock feed and equipment, pet food and pet supplies, apparel, automotive, livestock equipment and fencing, tools, lawn and garden supplies, as well as farm and general hardware in 11 states in the Midwest.
