Conner Industries, a national processor of lumber and integrated packaging solutions, closed a $21 million senior secured credit facility with Ares Commercial Finance.
The credit facility includes an $18 million revolving line of credit and a $3 million real estate term loan. Proceeds of the financing will be used to refinance Connor’s existing credit facility, support working capital needs and fund new growth opportunities.
In connection with the close of the senior credit facility, certain existing Conner shareholders have increased their financial commitment to Conner from $10 million to $15 million.
David Dixon, Conner’s CEO, said, “We have selected Ares Commercial Finance because of their excellent reputation for partnering with growth-oriented companies, and we look forward to a long and successful working relationship.”
