The commercial and industrial group of BHI closed $45 million in new financing transactions for two New York companies. First, BHI provided a $40 million revolving line of credit for Veja Electronics, an electronics distributor specializing in semiconductors and electronic components based in Deer Park, NY. Secondly, for Brooklyn, NY-based Tanner Bolt & Nut, a supplier of fasteners and contractor supplies, BHI provided a $5 million line of credit.
Incorporated in 1986, Veja Electronics provides supply chain solutions and electronics distribution of semiconductors and related components. The company has 11 sales offices in the United States, Mexico, Europe and Asia. Veja Electronics will employ the financing for working capital to support sales growth due to the ongoing shortages of semiconductors, particularly in the automotive and telecommunications sectors.
“The financing from BHI supports our growth, as we’ve leveraged our worldwide supplier network and continue to fulfill the global demand for semiconductors and electronic components, especially in automotive and telecom,” Jeff Grimaldi, operations manager of Veja Electronics, said.
Tanner Bolt & Nut, incorporated in 1979, distributes products including fasteners, tools and safety equipment to the construction and specialty contractor industries both in the New York metropolitan and national markets. The company will use the financing to refinance an existing facility and for working capital and general corporate purposes.
“The expert team at BHI understood our needs and worked in close collaboration with us to complete the transaction. We look forward to a continuing productive partnership with the bank,” Jeff Tannenbaum, president of Tanner Bolt & Nut, said.
“At BHI, we specialize in taking a customized approach to our clients and tailoring financial solutions to their individual requirements. We are very pleased to partner with these companies and assist them to meet their business goals,” Barry Renow, first vice president of specialty commercial and industrial at BHI, said.
“These deals are indicative of the substantial transaction volume we continue to see in the C&I group, which has closed more than $1 billion in financing in 2021. Supporting our clients’ strategic objectives is integral to our success,” Carl Giordano, senior vice president of commercial and industrial at BHI, said.