MB Business Capital acted as sole lender and administrative agent on the funding of a $29.5 million senior credit facility to Berkeley, IL-based Honey-Can-Do International (HCD).
HCD sells a variety of products in the U.S. under the Honey-Can-Do brand name as well as Kitchen Supply, Perch, Urbio, Old Stone Oven and Zevro. The company also sells under numerous private label brand names. MB’s credit facility was used to refinance senior indebtedness and to fund working capital needs going forward.
“MB Business Capital was able to close this new relationship on a tight timeline while providing additional liquidity by leveraging equity in fixed assets and offering a flexible covenant package. MB Financial is very happy to welcome HCD,” said Michael Sharkey, president of MB Business Capital.
“The entire Honey-Can-Do team is excited about our new partnership with MB Business Capital. MB made the transition seamless without a disruption to our daily business. With our heavy working capital,” said Steve Greenspon, chief executive officer of HCD.
MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago. MB Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.
