Austin Financial Services closed a $5.5 million senior secured credit facility to a Midwest-based full-service manufacturing company specializing in contract manufacturing, custom machining, automation, and systems integration and engineering.
The company was looking to refinance its existing credit facility and needed a partner whose lending approach and greater flexibility would provide better working capital support for its ongoing operations and for future growth.
AFS structured a facility that leveraged the company’s untapped resources which will enable it to ramp up work on the backlog of projects in its pipeline. AFS also provided the company with additional liquidity which will allow it to bid on new projects and grow the business. Funds from AFS’s credit line were used to pay off its existing bank obligations and to support new business opportunities.
“As our presence in the marketplace continues to grow, it becomes more important for our team to remain nimble while making fast and informed decisions,” said Jason Anish, AFS’s president and CEO.