Wingspire Equipment Finance provided a $25 million equipment leasing commitment to a global automotive supplier to support its growth and capital expenditure initiatives. The commitment will enable the financing of pivotal projects for the supplier over the next 15 months, propelling the company’s manufacturing capabilities forward with new assembly and welding equipment.
As a vertically integrated supplier, the company provides advanced engineered structures and safety mechanisms to OEMs and Tier 1 automotive suppliers. The committed leasing arrangement with Wingspire Equipment Finance is designed to streamline the company’s
growth efforts and ensure the acquisition and installation of production equipment.
Faced with extended purchase orders, equipment installation lead times, and the need to manage deposits and progress payments, the company turned to Wingspire Equipment Finance for a financing solution. The financing commitment also provides direct payments to equipment suppliers, thereby reducing administrative overhead by utilizing Wingspire Equipment Finance’s lease administrators. Additionally, the funding allows the company to preserve its line of credit.
“Our equipment leasing tranche was part of an overall debt recapitalization necessary for the company to execute on newly awarded business that will increase its scale while enhancing customer and product diversification,” Jeff Okano, senior vice president of originations at Wingspire Equipment Finance, said.
