Daily News: December 5, 2018

Austin Financial Funds $6.2MM ABL Facility for California Company

Austin Financial Services funded a $6.2 million asset-based lending facility for a 54-year-old contract manufacturing company based in Northern California.

The company sought an experienced and competitive lending partner who could yield greater value from its existing asset pool to provide more borrowing capacity.

Austin’s credit facility is comprised of a revolver secured by accounts receivable and inventory and a term loan secured by machinery and equipment.

The proceeds of the revolver were used to pay off the company’s existing bank line, fund its ongoing working capital needs and support funding demands for its near-term growth plans.