Celtic Capital closed two ABL facilities for new clients, totaling $5 million.

Both were deals in the Pacific Northwest brought in by Celtic’s Seattle-based client development officer, Steve Shaughnessy. The first was a Eugene, OR-based commercial printer. Celtic put in place a $1. 160 million accounts receivable line of credit and term loan to replace the company’s bank line as the company was in violations of various loan covenants.

The second client was a Seattle-based equipment manufacturer and software developer for robotic surgery systems. The company needed a $1.5 million accounts receivable and inventory facility to replace its current banking relationship. Due to recent covenant violations the company was in need of a more flexible solution that could also help provide for the growth of the business.