Siena Lending Group completed a $4 million revolving credit facility for Independent Metal Sales (IMS). The facility was used to refinance the company’s existing senior debt, in conjunction with an SBA term loan, and to support the company’s growth plan and working capital needs.
Headquartered in Hainesport, NJ, IMS is a flat rolled steel service center that stocks slit carbon steel, tin mill products and alloy/stainless steel. It primarily serves original equipment manufacturers in the HVAC, oil and gas, industrial and office/home goods sectors.
Stephen Fuscaldo, director of Siena, said, “Siena is pleased to provide a working capital facility for IMS that affords the company the liquidity it needs as they look to achieve future growth. Siena’s understanding of the industry allowed us to provide a covenant package that gives the company the flexibility it needs to run its business.”
Barry Kligerman, president and CEO of IMS, added, “Siena’s credit facility will allow us to maintain our key relationships with vendors by providing additional liquidity. Siena’s understanding of our business will help us in making critical decisions as we look to grow and they will be a true partner.”
