SLR Business Credit (SLRBC) closed a $10 million senior secured asset-based lending credit facility to a 50 year-old distributor specializing in diesel fuel, gasoline, oil products and lubricants. The collateral consists of accounts receivable to domestic corporate entities.
The facility will enable the company to meet working capital needs driven by 10-day vendor terms typical of the industry, and to support continued growth. SLRBC worked closely with the company’s management team and their advisor, Joseph Hale Advisors, to structure a creative financing solution that uniquely supports the company’s working capital needs and plans for future expansion.
“We are pleased to partner with this reputable, well-established business and extend a flexible financial solution to its management team,” David Braff, managing director at SLRBC, said. “We look forward to playing a pivotal role in funding the company’s operational needs through SLRBC’s highly adaptable working capital facility.”
