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Lighthouse Financial Provides $3.3MM to Industrial Wire Manufacturer

March 14, 2016, 07:48 AM
Filed Under: Manufacturing

Lighthouse Financial provided a $3 million revolving line of credit and a $300,000 term loan to a TN based manufacturer of industrial and musical instrument wire.  With over a 100-year history spanning four generations, the company is widely recognized for its commitment to manufacturing quality products. Founded in 1912, the company was one of the first American piano wire companies and the first to patent manufacturing processes for piano wire.  Beyond piano wire, the company also manufactures guitar string and specialty wires used for mechanical springs and for the automotive and defense industries.

The credit facility was designed to refinance the existing debt and provide additional working capital.  Lighthouse was able to structure an aggressive facility against accounts receivable, inventory, and machinery & equipment that improved upon the existing structure thus increasing working capital availability.
 "We began exploring alternatives when our Bank was unable to improve our structure to create more liquidity.  Lighthouse was able to quickly understand our business cycle and present an asset-based structure that met our working capital needs.  The entire team at Lighthouse showed tremendous creativity and was a pleasure to work with," said the company president in a press release.

Lighthouse Financial Corp. is a commercial finance company that provides accounts receivable, inventory, and equipment financing to small to midsized businesses with loans between $500,000 and $5 million. Businesses financed include manufacturers, distributors, wholesalers and service companies located in the eastern half of the United States. Lighthouse loans are typically used to fund growth and expansion, financial restructuring and refinancing, debtor-in possession financing, acquisitions, partner or shareholder buy-outs and business turnarounds. Client companies generally have annual sales of between $4 million and $50 million.

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