White Oak Commercial Finance, an affiliate of White Oak Global Advisors, provided a $20 million receivables financing facility to a global manufacturing company that provides product components to the healthcare and consumer goods industries.
The transaction was structured as a recourse factoring facility, which will be used by the company to pay down existing debt and to increase its cash on hand as it manages the impact of COVID-19.
White Oak met the immediate financing needs of the company with a solution after an originally proposed commercial-banking lender withdrew from the process at the onset of the pandemic. White Oak also worked with the company’s existing institutional term lenders to structure the facility within the allowed carve-out for receivables financing.
