Siena Lending Group completed a three-year asset-based revolving credit facility for a family‐owned and operated textile manufacturer. The facility consists of a $50 million revolver and an $8.1 million term loan.
The textile business dates back to the mid-1800s and provides fabrics and products to the industrial, workwear, retail, sportswear and protective markets. The company will use the proceeds from the facility to repay existing debt and for additional working capital to fund operations as it navigates the remaining effects of the COVID-19 pandemic.
“From the very beginning, working with this management team has been an absolute pleasure,” Nick Payne, director of Siena Lending Group, said. “The company’s legacy is in capable hands, the likes of which have helped successfully guide the company through a crushing blow to the textile and tangential industries by COVID-19. We are excited to be part of their future and are thrilled to have a role in the next chapter of this storied business.”
