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Concord Secures $8.2MM ABL for Private Equity Sponsored Manufacturer

April 05, 2016, 07:33 AM
Filed Under: Manufacturing

Concord Financial Advisors announced it has secured an $8.2 million senior secured asset-based lending facility and a $1.1 second lien loan for a private equity sponsored manufacturer of component and user interface components. The manufacturer is based in California.

 A partner at the private equity fund noted,  "Although we had relationships with many viable lenders, Concord was able to drive an efficient and effective process to secure an attractive deal for our portfolio company. We are very pleased with our new senior and junior lenders."

The company was recovering rapidly from events which had negatively impacted profitability, and needed to find new lenders to support the continued improvement. The private equity fund owner was familiar with the debt markets and had multiple existing relationships, but it recognized the value of having an outsourced debt placement agent and engaged Concord to run the process.

Concord performed a situational analysis and prepared a detailed memorandum highlighting the successful ongoing turnaround, strong management and committed ownership. Concord was able to leverage its relationships with multiple nationally recognized, asset-based lenders and secure an aggressive structure for the company, including a $1.1MM second lien term loan with no covenants from one lender, coupled with an $8.2MM senior revolving line of credit from another lender. Concord closed the transaction within 6 weeks of going to market.

Middle-market companies seeking access to debt capital require a trusted advisor to help them navigate the often convoluted financing process. Concord's clients rely on our broad financial expertise and deep relationships with a wide range of capital providers in offering tailored debt financing solutions that result in significant savings of time and money for our clients. Concord has closed over 90% of its retained assignments and more than 140 successful transactions totaling over $1.2 Billion since its inception in 2001.

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