MidCap Business Credit closed a $25 million asset-based credit facility for a sponsor backed manufacturer of recycled plastic resins based in the Midwest. 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 existing debt.
The opportunity was sourced out of MidCap’s regional office in Chicago.
“We are excited to support the company’s growth initiatives and unlock suppressed availability limited under the prior lender,” Ryan Ray, senior vice president of business development for the Midwest at MidCap, said. “Our flexible financing structure was designed to meet their objectives. We look forward to a strong partnership and helping them execute on their strategic plan.”
