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NewStar Business Credit Provides $8.5MM Facility to WRS

December 19, 2013, 07:54 AM
Filed Under: Technology

NewStar Business Credit provided credit facilities totaling $8.5 million to Wafer Reclaim Services (“WRS”). Headquartered in San Jose, CA, WRS provides a range of specialized services related to the reclamation, oxidation, grinding and polishing of silicon wafers used in the fabrication of semiconductors and integrated circuits.  The credit facilities consist of a revolving line of credit and term loan with a senior secured stretch component.  The proceeds of the financing will be used to repay existing, higher cost debt and support future growth.

“We were searching for an opportunity to reduce our overall debt expense with a financing structure that also supported our business objectives.  Newstar was one of the few lenders able to put together a bundle of loans, including a stretch piece, at attractive pricing that enabled us to fulfill our refinancing objectives.  We look forward to building a strong relationship with NewStar as we continue to grow our business,” said Dave Griffeth, CFO of WRS.

“We were pleased to have the opportunity to work with WRS to meet their unique financing objectives and to further expand our presence on the West Coast,” said Milton Iskra, National Marketing Manager.  NewStar’s Mike Williams, an SVP located in company’s Chicago office, originated the transaction.

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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