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Cole Taylor Business Capital Funds $5MM Credit Facility for MAC

February 21, 2014, 07:49 AM
Filed Under: Manufacturing

Cole Taylor Business Capital, a division of Cole Taylor Bank, announced it recently provided a $5 million senior revolving credit facility for Knoxville, Tennessee-based Marine Accessories Corporation (MAC). The revolving credit facility was provided in conjunction with a new $20 million senior term loan funded by Medley Capital Corporation as part of a debt refinancing.

Marine Accessories Corporation designs, engineers, and manufactures niche accessories to the recreational boating industry. The company sells industry leading branded products into the wakeboard tower and canvas top and enclosures segment as well as other segments. MAC maintains strong relationships with original equipment manufacturers, or OEMs, and aftermarket customers, including some of the largest participants in the boat manufacturing and distributor/dealer channels.

“Cole Taylor and Medley fit very well into a new financing package that will allow us to take advantage of positive trends in our industry going forward through continued innovation and expansion,” said Ron Fox, MAC’s Chief Financial Officer.

Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank. Cole Taylor Business Capital seeks asset-based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.

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