Tide Rock, a holding company of B2B businesses, and its investment vehicle, Tide Rock YieldCo, secured a $100 million syndicated revolving loan facility from California Bank & Trust (CB&T), a division of Zions Bancorporation, as well as CIBC Bank and Manufacturers Bank. The facility also includes an uncommitted accordion feature of $50 million for a total borrowing capacity of up to $150 million. Zions Capital Markets acted as the sole bookrunner and administrative agent, with CIBC Bank as documentation agent for the debt facility, which will enable Tide Rock to continue its expansion plans through unlevered acquisitions.
“While Tide Rock continues to avoid any long-term or amortized debt, we are rapidly growing into a $1 billion company and there is more complexity in the ongoing needs of our portfolio companies,” Brooks Kincaid, president of Tide Rock, said. “This line of credit enhances our capacity to finance our companies’ working capital needs, support our capital equipment needs and manage capital call timing for our institutional investors flexibly and tax efficiently.”
“We’re proud to continue our support of Tide Rock, a partnership that began in 2020 with a $7.5 million line of credit,” Peter Drees, senior vice president of specialty finance at California Bank & Trust, said. “This new debt facility will provide working capital to assist Tide Rock in onboarding and managing a growing platform of unique businesses.”
