Encina Business Credit provided a $40 million senior secured revolving credit facility to a food packaging company.
The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.
Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.