FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

Marquette Business Credit, Hana Financial Provide $10.5MM to Tuscarora Yarns

October 29, 2015, 07:51 AM
Filed Under: Manufacturing

Marquette Business Credit and Hana Financial, Inc. closed on a $10.5 million credit facility to Tuscarora Yarns. The secured facility consists of a $7.5MM revolving line of credit and a $3MM equipment term loan.
 
Marquette Business Credit is pleased to have acted as Co-Administrative Agent and Collateral Agent on this ABL opportunity with Hana Financial, who is our highly valued and respected partner on this transaction.  Marquette Business Credit is also extremely proud to be a financing partner to Tuscarora Yarns, Inc., at this crucial juncture of their 115 year US manufacturing business.  David Roberts, CEO, Tuscarora Yarns, Inc,. states “Marquette and Hana were able to structure a flexible asset based credit facility that will allow us to maximize our growth opportunities.  We are enthusiastic about our relationship with both Marquette and Hana as our financing partners.”
 
Based out of North Carolina, Tuscarora delivers high quality yarns to the textile and apparel industries. The transaction was co-Agented by Marquette Business Credit and Hana Financial, Inc. Hana had an existing factoring relationship with Tuscarora and partnered with Marquette to offer an Asset Based Revolving Line of Credit and Term Loan backed by accounts receivables, inventory, and equipment.
 
“We informed Hana Financial that we were considering a new ABL lender, and they quickly worked with Marquette Business Credit to deliver a Co-Agented ABL that offered us the flexibility and borrowing capacity to help grow our business. We are happy to expand our relationship with Hana while establishing a new relationship with Marquette”, stated David Roberts, CEO of Tuscarora.
 
Clark D. Griffith, President of Hana Financials ABL unit, Hana Business Capital, stated, “Everyone at Hana Financial is extremely happy to expand our existing factoring relationship to also include an asset based loan. We are honored to work with Tuscarora, an industry leader, with over a 115 year history of manufacturing fine specialty yarns. We also appreciate the opportunity to work alongside a fine lending institution like Marquette Business Credit to close on this co-agented credit facility.
 
Tuscarora Yarns was established in North Carolina in August of 1899 and is the oldest and largest specialty yarn manufacturer in North America. The company operates three facilities in North and South Carolina and employs 525 associates.  
 
Hana Financial, founded in 1994 is a Los Angeles based non-bank commercial financial institution which offers factoring, asset based lending, SBA lending, home mortgage banking, and investment banking. Hana started offering asset based loans in 2015. 
 
Marquette Business Credit provides Asset Based loans to middle market U.S. based companies with credit requirements from $2 - $25 million.  On a national basis, to a wide variety of industries, we provide secured lines of credit against Accounts Receivable, Inventory, Machinery and Equipment, Real Estate, along with Cash Flow supported Term Loans. 
 
UMB Financial Corporation is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. Subsidiaries of UMB include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.







Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.