MidCap Business Credit closed a $10 million asset-based credit facility for a privately held paper converter specializing in custom paper products for packaging manufacturers. The financing package consists of a working capital revolver and equipment term loan. The facility will be used to support the company’s ongoing working capital needs and refinance existing bank debt.
The opportunity was sourced out of MidCap’s regional office in Chicago, IL.
“We were able to quickly provide a flexible ABL structure that supports the company’s growth initiatives while unlocking additional borrowing availability that had been constrained under its previous lending relationship,” Ryan Ray, senior vice president of business development for the Midwest at MidCap, said. “We look forward to building a strong partnership with the company and helping management execute its strategic plan.”
