Daily News: January 30, 2019

MidCap Business Credit Funds $14MM ABL Facility for Borman

MidCap Business Credit closed a $14 million asset-based credit facility for EMD Acquisition, d/b/a Borman Specialty Materials, a portfolio company of Polymathes Capital in New Jersey.

Borman is a producer of specialty materials, including electrolytic manganese dioxide, which is the active ingredient in primary batteries and a feedstock for LMO batteries. The company is also a global producer of boron trichloride, used in the manufacture of semiconductors, LED and LCD screens, epoxy resin, pharmaceuticals and boron fibers.

The opportunity was sourced out of MidCap’s headquarters in West Hartford, CT.

Seth Cooper, MidCap senior vice president, said, “We are excited to work with Polymathes Capital and the Borman team. We were able to structure a flexible working capital solution to assist the business in meeting their financial objectives”.

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.