Daily News: May 8, 2019

Siena Lending Closes $7.5MM Revolver for Seitz

Siena Lending Group completed a $7.5 million revolving credit facility for Seitz. The facility was used to refinance Seitz’s existing senior debt and support its working capital needs. The facility was completed in conjunction with a $5 million term loan provided by World Business Capital.

Torrington, CT-based was founded in 1949 and currently employs 128 people. The company works closely with its customers to design complex injection molded gears and other precision parts and assemblies for power, motion and energy transmission applications; primarily in medical, business equipment, and food/beverage markets. Seitz builds most of its injection molding tools in Connecticut, and then molds and assembles in Connecticut and at its manufacturing facility in China, enabling the company to service customer needs on a global basis.

Stephen Fuscaldo, Director of Siena, said, “Siena is very pleased to be able to provide the financing in conjunction with World Business Capital. The total financing will afford Seitz more liquidity so they can focus on their growth strategy.”