Align Business Finance collaborated with an ABL partner to provide a $7.3 million senior secured facility for a trucking company based in the Southwest.
The trucking company sought refinancing after its bank asked it to exit and entered into a forbearance agreement with a short window. The trucking company awarded the transaction to Align and its ABL partner.
Align, in conjunction with the ABL partner, made an equipment term loan to the trucking company. The total facility was $7.3 million, with a $4.9 million three-year term loan secured by rolling stock and a $2.4 million revolver secured by accounts receivables and inventory (day one).
After the equipment appraisal and field exams were conducted, both parties determined that there were enough funds available to refinance the existing bank debt and close before the bank’s forbearance agreement expired.
Align Business Finance provides capital to companies across a range of industries. The team has participated in originations of more than $300 million of machinery and equipment loans in the past five years.
