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Staffing 360 Solutions Closes $28MM Facility With MidCap Financial

April 10, 2015, 07:10 AM
Filed Under: Staffing Services

Staffing 360 Solutions, Inc. announced that the company consummated a $25 million revolving credit facility and $3 million term loan with MidCap Financial, which is managed pursuant to an investment management agreement by a subsidiary of Apollo Global Management, LLC, one of the world's leading alternative investment managers.

The $3 million term loan has a term of four years and will provide working capital to support organic growth and improve the company's balance sheet. The $25 million revolving credit facility is backed by the company's accounts receivables and will replace the company's existing $15 million facility with Wells Fargo, providing additional room for expansion as the company grows.

"We look forward to working with Staffing 360 Solutions as they continue to execute their vision," said Stephen Redlich, Managing Director at MidCap Financial. "Companies need a lender that understands their business and has the creativity and flexibility to provide financing solutions that are suited to their needs. With their strong management team and M&A experience, we believe Staffing 360 Solutions represents significant growth potential in the fragmented staffing market."

In connection with the transaction, Staffing 360 Solutions issued warrants that are convertible into common stock. The transaction was in reliance upon exemptions from registration pursuant to the provisions of Section 4(a)(2) or Rule 506 of Regulation D under the Securities Act of 1933, as amended.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries.

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