MidCap Business Credit and MidCap Equipment Finance closed an $18 million asset-based revolving line of credit and a $12 million equipment lease facility for a privately held metals fabrication company with operations across the Midwest and Canada. The facility will support the company’s ongoing working capital needs and refinance its existing bank debt.
The opportunity was sourced out of MidCap’s regional office in Chicago.
“We were able to quickly provide a flexible ABL structure by unlocking additional borrowing availability that had been constrained under its previous lending relationship” Ryan Ray, senior vice president of business development for the Midwest at MidCap Business Credit, said. “Working hand in hand with our colleagues at MidCap Equipment Finance, we delivered a complete financing solution that addressed both the company’s working capital and equipment needs.”
Saurin Shah, president of MidCap Equipment Finance, added, “This transaction is a great example of what our teams can accomplish together. By structuring the equipment lease facility alongside the ABL revolver, we were able to unlock the value of the company’s machinery while giving management a single, coordinated lending relationship. We’re proud to support a company with such a strong operating footprint and look forward to helping fund its continued growth.”
