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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Needhan Bank Closes $70MM Secured Credit Facility for XS Financial
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Lenders/Participants
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Needham Bank [Lender]
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Structure
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Secured Credit Facility
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Amount
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$70.000
Million
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Borrower(s)
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XS Financial
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Description
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Company amended and upsized its current $54 million line of credit with Needham Bank to $70 million. Loans made under the line of credit will bear interest at an annual rate equal to the Wall Street Journal Prime rate plus one percent (1.0%) when the advance rate applied to eligible borrowing base receivables is < 65% and the Wall Street Journal Prime rate plus one and a half percent (1.5%) when the advance rate applied to eligible borrowing base receivables is between 65% and 75%. The amended Credit Facility has an extended term, expiring in June 2027, and may be prepaid with no penalty.
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Industry
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Lender Finance
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Location
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CA
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| Related Tags |
Equipment Finance, Needham Bank, XS Financial
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ABL Advisor
Deal Tables
2024
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