Tradewind provided a $15 million credit facility to a 75-year-old manufacturer headquartered in Europe with a subsidiary in the U.S.

The company sells globally and is using the facility to support 120-day open account payment terms.

The deal took shape after the client was pressed to extend longer payment terms to a major buyer. The buyer previously had a vendor finance program in place that arranged for early funding to the client and other suppliers. When the program was discontinued, however, the company needed a quick solution to create cash flow so it could support the longer terms.

Tradewind is providing full turnover factoring of the client’s sales as part of a carve out from the parent company’s European bank syndication. The financing provided the working capital necessary for the client to continue to win the orders of their large-scale customer, and support their business overall. Tradewind’s similar company structure, namely European headquarters and a branch stateside, made it the preferred partner who understood the dynamics and regulations of the business from both sides of the Atlantic.

“We are pleased to announce the closing of this significant new facility. The industry, locations, and structure of the deal made Tradewind a great fit for this client,” said John Stillwaggon, CEO of Tradewind U.S.