Altriarch Asset Management, a private credit manager headquartered in Charleston, SC, unveiled details about several of its recent transactions, including:_x000D_
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- A commitment to participate in a factoring facility for a mechanical contractor located on the West Coast that specializes in plumbing, HVAC and other maintenance services. The lead on the transaction, an alternative lending company focused on construction receivables financing with more than 25 years of experience, approached Altriarch in order to avoid concentration limits on its senior line of credit. Altriarch structured a commitment up to $5 million or 90% of total net funds employed.
- The extension of a senior secured credit facility for a factoring company that is focused on the manufacturing, oil and gas, and temporary staffing industries. Altriarch worked with this borrower to structure a facility that would support the growth of the factor’s business and provide the opportunity for the company to compete on industry pricing. The facility, which had an original maximum commitment of $5 million, was immediately expanded to $7.5 million and includes an accordion feature to extend to $10 million.
- The renewal of a senior secured line of credit for a long-term factoring partner based in the Southeast. The borrower, which Altriarch has worked with for more than two years, requested to continue the relationship with Altriarch and extend the facility an additional two years. In addition to renewing the facility, Altriarch increased the maximum commitment from $5 million to $7.5 million and restructured the agreement to include provisions that will support the future growth of the company.
- An agreement to participate in a debtor-in-possession facility with a long-term factoring partner located in the Northeast. The facility is with a government medical staffing firm located in the Northeast that has been in operation for more than 30 years. On the $10 million commitment, Altriarch agreed to participate 25% of NFE or up to $2.5 million.
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“At Altriarch, we remain committed to advancing the interests of the factoring industry by providing favorable terms that drive operational efficiency and client satisfaction,” McLean Wilson, managing partner of Altriarch, said. “Thoughtfully structured debt facilities have been key to our success this year, and I’m extremely proud of the approach our team takes to ensure optimal cash flow strategies for our clients.”
