The financing consists of a $30 million revolving credit facility provided by CIT Northbridge, a $5 million term loan provided by Tiger Finance and an accordion for up to an additional $12 million. The loans will be used to support the client’s inventory needs and provide capital for future growth opportunities.
“Our client has an outstanding track record for sourcing and selling branded products that meet consumer demand,” Neal Legan, executive officer at CIT Northbridge, said. “We were pleased to arrange this asset-based debt facility to support the growth and development of their business.”
“We value the opportunity to partner with CIT and provide a holistic solution to meet our clients rapidly growing financing needs. We were impressed by the client’s performance and its growth and are pleased to join in this financing to help meet the company’s business objectives,” Bob DeAngelis, executive managing director of Tiger Finance, said.