Marquette Business Credit and Hana Financial announced the closing of a $10.5 million credit facility to Tuscarora Yarns. The secured facility consists of a $7.5 million revolving line of credit and a $3.0 million equipment term loan.

Marquette Business Credit acted as co-administrative agent and collateral agent on this ABL opportunity with Hana Financial.

Marquette Business Credit is proud to be a financing partner to Tuscarora Yarns at this juncture of its 115 year U.S. manufacturing business. David Roberts, CEO, Tuscarora Yarns, said, “Marquette and Hana were able to structure a flexible asset based credit facility that will allow us to maximize our growth opportunities. We are enthusiastic about our relationship with both Marquette and Hana as our financing partners.”

North Carolina-based Tuscarora delivers high quality yarns to the textile and apparel industries. The transaction was co-agented by Marquette Business Credit and Hana Financial. Hana had an existing factoring relationship with Tuscarora and partnered with Marquette to offer an asset based revolving line of credit and term loan backed by accounts receivables, inventory and equipment.

“We informed Hana Financial that we were considering a new ABL lender, and they quickly worked with Marquette Business Credit to deliver a co-agented ABL that offered us the flexibility and borrowing capacity to help grow our business. We are happy to expand our relationship with Hana while establishing a new relationship with Marquette”, stated David Roberts, CEO of Tuscarora.

Clark D. Griffith, president of Hana Financials ABL unit, Hana Business Capital, stated, “Everyone at Hana Financial is extremely happy to expand our existing factoring relationship to also include an asset based loan. We are honored to work with Tuscarora, an industry leader, with over a 115 year history of manufacturing fine specialty yarns. We also appreciate the opportunity to work alongside a fine lending institution like Marquette Business Credit to close on this co-agented credit facility.

Tuscarora Yarns was established in North Carolina in August of 1899 and is the oldest and largest specialty yarn manufacturer in North America. The company operates three facilities in North and South Carolina and employs 525 associates.