Daily News: March 13, 2019

MidCap Business Credit Closes New $7.5MM Facility for TAB Products

MidCap Business Credit has closed a new $7.5 million senior secured credit facility for TAB Products.

The fully committed credit facility matures in February 2022 and replaces the company’s existing credit facility that was set to mature in June 2019. The opportunity was sourced and closed out of MidCap’s headquarters in West Hartford, CT.

TAB CEO Ted Jaroszewicz commented, “We are appreciative of our new relationship with MidCap Business Credit and excited to have them as our valued banking partner. The MidCap team understood our business and worked collaboratively with our management team to structure a facility that provided flexible capital and a financing that fit our needs. When combined with the recent sale of our Calgary Records Center, we have significantly improved our capital structure.”

MidCap president Steve Samson commented, “It was a pleasure working with both the TAB and OceanArc teams – their level of professionalism allowed for a smooth closing of a fairly complex dual-currency transaction. We look forward to being TAB’s financing partner providing the liquidity and flexibility for the business’ continued growth.”

OceanArc Capital Partners acted as the company’s exclusive financial advisor for the transaction.

MidCap Business Credit provides asset-based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $2 million to $15 million.