“We are excited about our new relationship and facility with UMB,” Kevin A. Paprzycki, CFO and director of Scott’s Liquid Gold, said. “UMB demonstrated the capacity and flexibility that Scott’s needed, enabling us to close the Biz and Dryel acquisition during difficult financing markets. We are excited about entering into a long-term, value creating partnership with UMB.”
The new credit facility includes a $7 million asset-based line of credit, along with a $3 million term loan, with current interest rates of 4.75% and 5.5%, respectively. The credit facility has a three-year term and includes typical covenants. The UMB credit facility replaces Scott’s Liquid Gold’s existing credit facility with JPMorgan Chase Bank, which was terminated in conjunction with the closing. The company was assisted by Business Capital, a national commercial finance company, throughout the financing process.
Scott’s Liquid Gold develops, markets and sells household and personal care products nationally and internationally to mass merchandisers, drugstores, supermarkets, hardware stores, e-commerce retailers, other retail outlets and to wholesale distributors.