CoreFund Capital recently facilitated an increase to the credit facility for a global logistics and freight forwarding company.
The credit facility was structured by CoreFund Capital with a wholly-owned subsidiary of a publicly traded company through an amended secured accounts receivable facility. The initial credit line provided to the client on May 31 was increased from $12 million to $25 million on Nov. 2 to provide the necessary availability to support the ongoing growth for the client.
“This client’s business has performed impressively over the past months with a solid base of customers. CoreFund is happy to be able to provide them the working capital needed to help expand and grow their business,” Bonnie Castillo, president of CoreFund Capital, said. “We are excited to watch them become a dominant player in their industry.”
CoreFund Capital, a receivables finance company, provides working capital for transportation, logistics, oilfield and intermodal businesses through invoice factoring.
