Stenn International closed a new $200 million financing facility from Crayhill Capital Management, a New York-based private credit manager and asset-based lender. The facility complements Stenn’s existing accounts receivable securitization program, which provides financing to companies engaged in international trade.
“We are delighted to deepen our financing partnership with Crayhill at a time when companies trading internationally urgently need access to liquidity to resume trade,” Greg Karpovsky, founder of Stenn, said. “Stenn is uniquely positioned to support its global client base at this time. Our long-term strategy is to expand our client base and global footprint by building scalable digital funding solutions and forging strong relationships with capital partners like Crayhill.”
The new program, Stenn Direct Funding, carries an accordion feature and is structured to ease access to working capital for new and existing clients via Stenn’s online funding technology. This new facility will help provide liquidity and cash flow management to global companies affected by the coronavirus pandemic.
“We are pleased to expand upon and strengthen our partnership with the Stenn team,” Josh Eaton, managing partner of Crayhill, said. “The company is financially strong and rapidly growing, with an eye on innovation both in their capital programmes and service delivery. The Stenn Direct Funding programme bolsters Stenn’s market-leading position in international trade finance.”
Founded in 2015, Stenn provides financing for international trade across a range of industries, helping to address the $1.5 trillion ‘trade finance gap’ identified by the International Chamber of Commerce as a significant unmet need in global trade financing.
“This new asset-backed programme provides Stenn with considerable incremental financing capacity on a committed basis, while serving to expand significantly Stenn’s product suite and jurisdictional reach,” Chris Rigby, global head of finance and capital markets at Stenn, said. “The programme itself is highly flexible and provides Stenn with a scalable and user-friendly direct route to market over the long-term.”
