Cortland Credit Group closed a C$15 million asset-based loan (ABL) revolver for a Canadian veterinary pharmaceuticals company. The ABL facility includes an uncommitted C$15 million accordion, allowing the borrower to increase the commitment to C$30 million. This is a syndicated transaction, with Cortland acting as agent and committing alongside another lender. The funding was used to refinance a large Canadian bank and support working capital requirements as the company grows.
Cortland and the company first interacted in late 2023, commencing a relationship. In early 2025, Cortland first proposed a credit facility, at which point the company decided to focus on an additional strategic financing, which was subsequently completed. Finally, in late 2025, the opportunity to provide a credit facility materialized due to the growing need for a thoughtfully structured and growth-oriented asset-based credit facility. The ABL facility focuses on accounts receivable and inventory across the borrower group.
“We are proud to add this borrower to our portfolio,” Alex Preobrazenski, chief investment officer of Cortland, said. “The company is an example of a fast-growing Canadian organization, founded and led by a management team with ambitions to grow a global business, supporting animal wellness with support for the food supply chain. We have a strong outlook for this sector.”
