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NewStar Business Credit Provides $11MM Credit Facility to Rainbow Play Systems

February 12, 2014, 07:42 AM
Filed Under: Manufacturing

NewStar Business Credit has provided credit facilities totaling $11 million to Rainbow Play Systems, Inc. (“Rainbow”) and affiliated companies.  Headquartered in Brookings, SD, Rainbow is a manufacturer of children’s wooden outdoor playscapes.  The credit facilities consist of a revolving line of credit and two fully secured term loans. The proceeds of the financing will be used to refinance existing debt and provide ongoing working capital.

“Rainbow appreciates the time NewStar took to understand our business.  We look forward to a bright future with them.  On behalf of the entire Rainbow team, we would like to thank NewStar for their financial support and partnership,” Greg Foster, CEO & Owner of Rainbow.

“We were pleased to have the opportunity to work with Rainbow to meet their unique financing objectives and to further expand our presence in the Mid-West,” said Milton Iskra, National Marketing Manager.  NewStar’s Mike Williams, an SVP located in the 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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