Celtic Capital closed three transactions with new clients. Outlined below are brief descriptions of the transactions:

• $2 million accounts receivable and inventory line of credit for a Stanley, NC-based private-equity backed holding company with three operating subsidiaries all involved in the propane gas industry.
• $5.5 million accounts receivable and inventory lines of credit and term loan for a Hayward, CA-based job shop metal fabrication business. Also backed by various private-equity groups, this business approached Celtic as it was in violation of various loan covenants. Celtic was able to provide funding to replace the bank debt and provide additional working capital to give the company the added liquidity required to effectuate its turnaround and growth plans.
• $1.25 million accounts receivable line of credit to a Lakewood, CO-based manufacturer of aluminum forgings. This business approached Celtic to provide the working capital financing coupled with a bank SBA loan which refinanced all of its current debt. The restructured debt and new working capital facility will allow the business to continue its growth strategy.