Austin Financial Services funded a $5 million ABL credit facility for a 34-year-old publicly traded manufacturer of lighting systems which specializes in environmentally efficient lighting applications.
The company is located in the Midwest and holds numerous patents and pending patent applications related to its components and application processes. It primarily serves the military, commercial and construction, educational and health-care sectors.
AFS structured a working capital solution supported by the company’s accounts receivable and inventory as collateral. The funds were used to pay off the company’s existing bank obligations and to fulfill a backlog of projects in its pipeline.
The AFS revolver will also allow the company realize its plans for a turnaround and to bid on new projects for its growing business.
