Daily News: January 30, 2013

London Manhattan Provides Facility to Warehousing Company

The London Manhattan Company announced it sourced a new $22 million facility, consisting of a term loan and line of credit, to refinance a rapidly growing specialty logistics and warehousing company.

The company recently made several add-on acquisitions and wished to consolidate the debt associated with those transactions. The client also wanted the refinancing to contain “dry powder” expansion capital for future acquisition targets as they present themselves. Both the new term loan and the new revolver were LIBOR-based facilities.

The new unitranche financing will allow the client to operate as one business entity and to realize present and future economies of scale as the business grows internally and makes future acquisitions. The company intends to build a national footprint offering third party logistics services to its customers. This one stop shop approach to the business includes integrated warehousing, transportation, and broker operations for the customer.