Accord Financial closed a $25 million credit facility to help a plastics manufacturer support new business contracts as well as complete a business acquisition.
What started as an equipment finance opportunity quickly developed into a more substantial transaction with the need for a larger asset-based lending facility and an opportunity for a business acquisition. Accord engaged a key partner to help structure and fund the substantially increased commitment.
“The rapidly evolving transaction was quickly crafted thanks to Accord’s deep understanding of the client’s growth stage as well as their specialized equipment and bringing in the right partner to make it happen,” Mike Wells, director of capital markets at Accord Financial, said.
The total facility included a revolving line of credit, equipment term loan and equipment lease.
“Accord’s flexibility and close partnership drove our success,” Wells said. “We look forward to working together for many years in the future.”
