Siena Lending Group completed a $6 million revolving credit facility for uSell.com.
The facility was used to refinance the company’s existing senior debt and to support the company’s growth plans and working capital needs.
Headquartered in New York, NY, uSell is a market maker of used cell phones. uSell acquires used cell phones from major carriers, big box retailers and manufacturers and maximizes the value of these devices through its stringent testing, repair and grading process. The company leverages both a traditional sales force and an online marketplace where brokers, intermediaries, resellers and dealers purchase used cell phones and accessories.
Stephen Fuscaldo, director of Siena, said, “Siena is very pleased to provide a working capital facility for uSell that allows the company to meet its liquidity needs as it pursues new, higher margin opportunities. The company is well positioned for future growth.”
“Siena’s credit facility, coupled with a capital infusion from some of our largest shareholders, streamlines our capital structure and enables the Company to pursue opportunistic, high margin purchases,” said Nik Raman, CEO of uSell. “It was a coordinated effort with Siena to come up with the right structure for all constituencies and we are very pleased with Siena’s execution.”
Simultaneous with the closing of Siena’s loan, uSell raised additional capital in the form of convertible notes and signed a long term contract to license its online marketplace technology to a major distributor of wireless devices.
