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Cambridge Savings Bank’s ABL Team Closes $4MM Deal with Magnus Textile

July 12, 2019, 09:00 AM
Filed Under: Textiles


Cambridge Savings Bank (CSB) announced the closing of a $4,000,000 senior secured credit facility and revolving line of credit with Magnus Textile, an importer and distributer of specialized textile products headquartered in Acton, Massachusetts.

The credit facility provided by CSB’s Asset Based Lending Team allowed Magnus Textile to refinance their existing senior debt, lower borrowing costs, and will support future working capital needs of the company.

“Our goal was to find an Asset-Based lender that was not just a lender—but a true partner, to walk us through the process,” comments Magnus Textile’s CEO and founder, Dev Ramasubbu. “Working with Keith, Yvonne, and the CSB ABL Team assured us that we have found a real partner in Cambridge Savings Bank. We are excited to grow Magnus Textile with their support.”

“We are thrilled to have delivered this new financing package for Magnus Textile,” said Keith Broyles, Senior Vice President and Head of Asset-Based Lending at Cambridge Savings Bank. “The new credit facility reflects a smart approach to providing on-going, long-term support to Dev Ramasubbu, Prat Patel, and the entire Magnus Team—at the same time, providing another example of how CSB ABL can deliver for our clients.”

Cambridge Savings Bank’s commercial division offers a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Cash Management and Trade Services solutions that can be customized to meet your business needs.





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