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TAB Bank Provides $5MM Senior Secured Revolver to Wildpack Beverage

September 28, 2022, 07:25 AM
Filed Under: Beverages
Related: Beverages, TaB Bank

Wildpack Beverage, a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, entered into a senior secured revolving credit facility with Transportation Alliance Bank, Inc. ("TAB Bank"), for up to US5,000,000 in asset backed financing.

The Facility provides for a senior secured revolving credit facility, with a 2-year term, and interest only payments at the variable 30-day Secured Overnight Financing Rate ("SOFR") plus 4.85%. TAB Bank holds a first position security interest in the Company's assets, as well as a guarantee from the Company. The Company has completed an initial draw of US$1,545,000 to repay, in full, existing credit obligations with Fulton Bank. The Company intends to use available proceeds for general working capital purposes.

"After a thorough search we are happy to announce TAB Bank as our new senior secured debt partner. We believe TAB Bank aligns with Wildpack's organic growth strategy and look forward to expanding the available loan capacity in the near future." commented Ryan Mason, Chief Financial Officer. "This financing further strengthens our balance sheet and extends our cash runway offering operational flexibility to support our profit focused growth strategy."

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