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NewStar Business Credit Funds $19MM Credit Facility to Tools Distributor

Date: Mar 11, 2014 @ 07:39 AM
Filed Under: Distribution

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., provided a credit facility totaling $19 million to a tool distribution company.  The company imports and wholesales hand tools, power tools and accessories to a variety of major retailers including Costco, PepBoys and Sam’s Club.  The credit facility will be used to support the company’s working capital and growth needs.

“We continue to focus on meeting the working capital needs of companies like this tool wholesaler in the Western region with creative deal structures that can help accelerate the cash flow cycle and increase borrowing capacity by leveraging eligible assets,” said NewStar EVP, Milton Iskra. 

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle-market companies with credit requirements between $5 million and $25 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.

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