MidCap Business Credit closed a $12 million asset-based credit facility for a sponsor-owned distributor of specialty chemicals and materials. The credit facility is comprised of a working capital revolver and a machinery and equipment term loan. The credit facility will be used to support the company’s working capital needs and refinance the existing debt.
The opportunity was sourced out of MidCap’s headquarters in West Hartford, CT.
“We were able to quickly close on flexible ABL financing structure which was designed to assist the business in meeting their growth objectives. We are excited about the strong business partnership moving forward,” Seth Cooper, senior vice president, national sales manager at MidCap, said.
