First Business Bank’s asset-based lending team recently closed and funded $20 million credit facility that includes a revolving line of credit and equipment capital expenditure line for a specialty chemical manufacturer in Texas.
The financing was structured to refinance existing bank debt, reduce trade payables and provide additional liquidity to support the company’s turnaround strategy. The borrower, a manufacturer serving specialized chemical markets, recently completed divestiture activities and sought a financing partner capable of evaluating its current operating performance while providing flexibility for future needs.
“Our team was able to look beyond recent changes in the business and focus on the company’s path forward,” Kevin McGraw, vice president – asset-based lending at First Business Specialty Finance, a subsidiary of First Business Bank, said. “By delivering a flexible structure that addressed both refinancing needs and future capital investment goals, we helped position the company to execute its turnaround plan with added liquidity and financial flexibility.”
