Austin Financial Services closed a $12.4 million senior secured revolving credit and term loan facility for a manufacturer of precision machined components for the aerospace and defense industries.
The privately-owned, West Coast company had ourgrown its existing senior debt facility and was looking for a seasoned lending partner to provide ongoing working capital in support of management’s growth initiatives.
Jason Anish, Austin president and CEO, said, “We are pleased to establish this relationship and to provide the company with greater access to much needed capital. Our facility is designed to maximize the Company’s asset value while enabling it to remain flexible and implement new growth initiatives.”
Funds from the AFS facility were used to refinance the company’s existing credit facility, for ongoing working capital and to fulfill customer orders in its pipeline.
Established in 1980, Austin Financial Services is a privately held non-bank middle-market lender that provides alternative funding in the form of fast & flexible lines of credit to small and medium-sized businesses.