Concord Financial Advisors said it provided an $80 million senior credit facility to a food manufacturer.
The company was seeking to replace its existing revolving credit facility with a new facility that would better support its growth and provide additional liquidity. Concord’s assessment of the situation was that the company was strong, had a solid management team and could support a larger credit facility. The company subsequently retained Concord, exclusively, to procure a new senior lender.
Concord created a detailed CIM featuring the company’s balance sheet and collateral coverage along with its plan to grow profitability and cash-flow. After conducting a targeted search process to regional and national lenders, Concord secured the $80 million senior secured credit facility with a five-year term that provided additional borrowing base availability and a capital expenditure line of credit to support the company’s growth initiatives. Concord closed the transaction in approximately 90 days.