Siena Lending Group, a provider of asset-based lending solutions, closed a $105 million credit facility for a processor and distributor of frozen vegetables. Siena’s financing includes a $70 million revolving line of credit encompassing receivables, inventory and equipment, along with a $35 million real estate term loan. The loans refinanced existing bank debt and provided additional liquidity for the business to complete its turnaround, provide for seasonal needs and expand in the future. Siena held the entire $105 million credit facility as sole lender.
“There is absolutely no doubt in my mind that Siena is the right partner to help achieve the next chapter in our storied history,” the company’s president and COO said. “I especially appreciate the relentless engagement by Siena’s team, and the fair and balanced approach exhibited gives us comfort in the relationship moving forward. While there is still work to be done, I can’t express enough the gratitude we feel in achieving this milestone.”
Mark Orlando, managing director and Western region manager of Siena, added, “We’re excited to complete this financing to support the company’s long-standing tradition as an important supplier to the domestic and global food industry. Siena’s team worked efficiently with the advisor and the company for a timely closing as they ramp up its business for the season. We are confident in the management team’s ability to complete the company’s transformation and look forward to being part of their success in the future.”
