Daily News: November 27, 2012

Concord Helps Heavy Equipment Services Company Secure Facility

Concord Financial Advisors was retained to help a specialized heavy equipment services company secure $7 million in senior secured credit facilities.

The company was in the special assets group at its bank. The company had been affected by the economic downturn but still had a very strong balance sheet, ample collateral coverage in its fixed assets and was projecting profitability in the next one to two quarters. The company was introduced to Concord through its incumbent bank and Concord’s assessment of the situation was that the company was under solid management, was experiencing an ongoing turnaround and was a good candidate for an asset-based credit facility. The company subsequently retained Concord to search for and secure a new banking relationship.

Concord created a detailed memorandum featuring the company’s strong history of performance, diversified customer base, strong balance sheet and superior collateral coverage including boot collateral. After conducting a targeted search process to local, regional and national asset-based lenders, Concord secured a traditional bank asset-based proposal that met the company’s objectives.

“Concord’s relationships with bank asset-based lenders outside of our geographic region allowed us to secure a very competitive deal given our ongoing turnaround. We are extremely happy with our current lender,” said the CFO of the company.

Concord Financial Advisors is a financial intermediary specializing in private placements of senior debt and subordinated debt/mezzanine financing for middle-market companies.