TAB Bank provided an additional $4 million revolving credit facility to support a related Canadian entity of an existing client. This entity of TAB’s existing client is a provider of aftermarket support solutions for the global aerospace and defense industries, including the maintenance, repair and overhaul of engines, components and related accessories.
The relationship was first formed in May of 2018 to refinance and restructure the debt of the U.S. parent and its three domestic operating entities, and to provide additional liquidity for growth. The new facility for the Canadian arm of this U.S. client will be used to refinance previous senior debt facilities in Canada and provide capital for ongoing working capital requirements.
TAB Bank provides custom working capital solutions to commercial businesses across a range of industries. TAB Bank does this through a variety of asset-based structures, including asset-based revolving loans, accounts receivable financing, lines of credit and equipment finance.
